MOSCOW. April 17 (Interfax-AVN) - Russia's United Aircraft Corporation (UAC) still has plans to hold an initial public offering in 2009-2010, UAC President Alexei Fyodorov told journalists.
"The exact date will be determined later, including with consideration given to the market situation. But as for UAC, we will be ready by 2010," he said, noting that the corporation needs to carry out a great deal of work such as the technical overhaul of its enterprises and personnel issues. In particular, UAC needs to switch the financial reports of all of its enterprises to International Financial Reporting Standards (IFRS).
The overall value of the corporation at present is about 110 billion rubles, according to data published on the Federal Property Agency's website yesterday. UAC plans to increase its capitalization to 1 trillion rubles by 2010.
Asked if UAC plans to get rid of its leasing companies, Fyodorov said the corporation has plans to reduce its share in these companies so that the debt burden of these leasing companies is not consolidated into the corporation's overall financial results prior to the IPO.