Russian banking group owns 26 percent of Amtel-Vredestein

Moscow - the Alfa-Group, a privately-held Russian banking and investment company, said it has increased its stake in Russian tyre maker Amtel-Vredestein NV to 26.14 percent. In late December the company acquired 6 million additional ordinary shares from a company controlled by Amtel-Vredestein founder Sudhir Gupta.

According to Alfa-Bank Head of Asset Management Department Vagan Abgaryan, “We continue to have a very positive outlook for Amtel-Vredestein and expect the value of our investment to grow significantly. We look forward to continuing close cooperation with Mr. Gupta and we also pledge our full support to the company, including its AV-TO distribution and retail subsidiary.”

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Press release from Alfa