OREANDA-NEWS. August 16, 2007. Russia’s automobile giant, AvtoVAZ, has named a new holder.

It is Roscoe Holdings, which owns 11.5 percent in the company. As of April 6, Roscoe Holdings Limited had 11.5 percent in AvtoVAZ stock capital, owning 6.97 percent of common stocks of the company. It had never been mentioned among AvtoVAZ holders previously.

The SPARK database reveals no company with similar name. Indeed, Roscoe was last mentioned in 2004, in time of forming Saratovenergo Board of Directors.

According to the report, the stake of AVVA in AvtoVAZ capital equals 30.6 percent (36 percent common stocks), TsO AFK owns 24.3 percent (6.9 percent). Vneshekonombank held 8.4 percent as of April 6, but it has already sold the stake to Rosoboronexport, which is the managing company for the carmaker.

One of today’s concerns of AvtoVAZ is to abolish procedures of cross ownership, where the key participants are AvtoVAZ subsidiaries AVVA and TsO AFK. AvtoVAZ will attain this purpose by taking over the subsidiaries and redeeming their stocks as the treasury ones. So, the stake of Russia’s weapons exporter, Rosoboronexport, will step up along with the stock capital reduction.

As of to-date, Troika has bought out on the market the stake of such extent that allows the principal holder to manage over 75 percent in the company once the cross ownership procedures cease to exist.