Ulyanovsky Automobile Plant BOD decided to set up UAZ Avto and SpetsAvtoTorg as two wholly-owned subs, the company informed.
The share capital is assumed to reach 10ths rub. each.
Besides, several contracts with UAZ Metallurgy, UAZ Avtokomponent, UAZ Service, UAZ Tekhinstrument and Sollers were approved.
UAZ (TIN 7300000029) was formed in 1941. Now it is included into Sollers. UAZ covers 15% of the Russian off-road vehicles. From 2003 end UAZ Hunter is under production.
The share capital is equal to 4.143bn rub. split in 3725819763 common and
416837248 preferred stocks of 1 rub. par. The state property agency keeps 13.19% (14.67% common stocks); Sollers - 66.07% (67.77%).
The IQ 2013 (RAS) net losses reached 39.362mln rub. vs. 70.812mln rub. in profit prior year; revenues declined 2.99% to 5.804bn rub. from 5.983bn rub.; profit from sales being up 50.35% to 187.965mln rub. from 125.002mln rub.; pretax losses coming to 35.91mln rub. vs. 88.666mln rub. in profit.