Rusnano Board of Directors Approves First Exit from Investment Project
OREANDA-NEWS. May 31, 2012. RUSNANO’s Board of Directors has approved the company's first exit from a previously-invested company. RUSNANO sells its 27.6 percent equity stake in
RUSNANO’s co-financing enabled the high-tech company founded by
The deal meets two essential RUSNANO’s criteria for successful exit: IRR is no lower than was planned, and the project is able to develop independently.
The main product of the
RUSNANO’s Board of Directors has approved the company’s participation in a project to establish
The Board of Directors also approved the financing of a project to launch production of lithography systems with a 22 nanometer and higher resoluton, based on electron-beam maskless lithography. Lithography, a central process in microchips manufacturing, currently operates with a resolution of about 32 nanometres. Electron-beam maskless lithography is one of the main contenders for the next generation of the technology that will enable a higher resolution process. It is a more attractive solution than alternative approaches, since it does not require expensive masks, uses smaller-scale equipment and requires less spending on consumables.
Final details of RUSNANO’s new investment projects will be published after investment agreements have been signed by their participants.
The members of the Board of Directors also heard information on the closing of an investment project to produce multimedia multiprocessor systems-on-a-chip, previously approved for funding by RUSNANO’s Supervisory Council but not invested by the company. The reason for the project's closing was the applicant's refusal to implement the project on the previously agreed terms.
The Board also heard a report regarding investment decisions taken in Q4 2011 and Q1 2012, related to the volume of investments within the competency of RUSNANO’s Executive Board. RUSNANO’s Executive Board may independently approve financing of the projects with proposed co-investment from RUSNANO from 300 million rubles to 1.3 billion rubles.
The Board of Directors also recommended to the general shareholders' meeting that RUSNANO approve PricewaterhouseCoopers Audit as an auditor for the company's statutory audit of financial statements and the audit of consolidated financial statements for 2012, prepared to meet the International Financial Reporting Standards.
Finally, the Board of Directors noted the information on Executive Board members Alexander Losyukov and Andrey Malyshev stepping down from their posts, and elected Andrei Rappoport to the post of the Executive Board member, effective as of the date of his employment contract.
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