Business Daily from THE HINDU group of publications
Saturday, Sep 08, 2007
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Business Daily from THE HINDU group of publications Saturday, Sep 08, 2007 ePaper |
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Corporate
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Overseas Investments Carborundum buys 84% of Volzhsky’s ordinary shares
Our Bureau Chennai, Sept. 7 Carborundum Universal Ltd (CUMI) has acquired 84 per cent of the ordinary shares of Russian company Volzhsky Abrasive Works (VAW) for $37 million (around Rs 150 crore). The transaction was done through its wholly owned subsidiary, CUMI International Ltd, Cyprus. VAW now holds 12.67 per cent of its ordinary shares as treasury investment, which represents around 10 per cent of VAW’s charter capital. Cancellation of VAW’s treasury shares will result in CUMI’s holding increasing up to 96 per cent of the ordinary shares. An open offer for the balance 4 per cent ordinary shares is being made as per statutory requirements, according to a CUMI press release. The Russian company, located in the Volgograd region, is the largest producer of Silicon Carbide (SiC) abrasives in Russia, with 65,000 tonnes per annum installed capacity. It also produces bonded abrasives and refractories, and reported revenue of $54 million in 2006. CUMI is also present in this space and the synergy between the two organisations is expected to enhance value and growth, the release says.
More Stories on : Overseas Investments | Mergers & Acquisitions | Abrasives
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