MOSCOW. Sept 25 (Interfax-AVN) - Russian state-owned corporation Rostekhnologii is planning to complete the Kamaz appraisal for the deal with Daimler before the end of September, Rostekhnologii's deputy chief and member of the Kamaz board of directors Igor Zavyalov told Interfax.
"We would like to be finished by September 30," he said, when asked about the date of the completion of the Kamaz due diligence.
Troika Dialog and the Kamaz management have agreed to start exclusive talks with Daimler on the sale of 42% of company's shares in July.
A controlling stake (54.4%) in Kamaz is held by company's General Director Sergei Kogogin and financial investors led by Troika Dialog, whereas the state owns 34% through Rostekhnologii. In mid-July, its chief Sergei Chemezov named three short-listed candidates for strategic investor, which included, apart from Daimler, Iveco and Volvo.
Troika is not disclosing details of the Kamaz appraisal. Early this year, when the company was discussing the date of its possible IPO, sources familiar with the preparations estimated Kamaz worth at around $5 billion.
Kamaz manufactures heavy vehicles: trucks (over 30 models), trailers, buses and tractors. The company also makes engines, power units, and various tools. The company has an authorized capital of 35.36 billion rubles.
In 2008 the company is hoping to increase its net profit by International Accounting Standards from $295 million to $360 million. Kamaz forecasts the proceeds should grow from $3.8 billion to $5 billion, EBITDA from $510 million to $642 million.