OREANDA-NEWS. December 15, 2011. An extraordinary general shareholders meeting of OJSC GAZ, the main legal entity of GAZ Group, has taken place. At the meeting the shareholders voted for approval of the transaction with VTB to get financing in the amount of 38 billion rubles for the period of up to seven years. OJSC GAZ shareholders have approved the loan from VTB, reported the press-centre of GAZ.

The respective agreement on cooperation was signed on 4th November 2011 by VTB President-Chairman of the Management Board Andrey Kostin and GAZ Group President/CEO Bo Andersson in the framework of RF President D. Medvedev and RF Prime Minister V. Putin’s visit to Gorky Automobile Plant.

The credit funds from VTB will be used to refinance the syndicated loan of GAZ Group. The cooperation between the companies also provides for VTB’s participation in arranging borrowings for GAZ Group at public debt capital markets to finance the company’s investment projects.

GAZ Group President/CEO Bo Andersson: “The resolution passed by OJSC GAZ shareholders today means that VTB is becoming our key financial partner. The restructuring of the debt will allow us to lift a number of financial restrictions within the banks syndicate regarding capital investments and to reduce the credit portfolio service costs. Taking into account high significance and potential of GAZ Group’s investment projects for the Russian automotive industry, the cooperation between our company and VTB will bring a significant contribution from the both companies into the industry’s development”.