Amtel to Hold Private Placement.

Amtel Tire Holding is to hold a private placement which could raise $80-100 million, general director Alexey Gurin told journalists. The analytical information agency suggested that the funds attracted will be used for the partial repayment of debts and the reduction of debt loading.

Mr Gurin also has noted, that the company’s 2004 EBITDA amounted to $60 million. EBITDA in 2005 is expected to total $135 million and $190 million in 2006. The company has set a $1.2 billion sales target for 2006.

The Amtel group controls about 28 per cent of the all-Russian manufacture of tyres. It runs three tyre factories in Russia – Amtel-Povolzhie (Kirov), Amtel-Chernozemie (Voronezh), Amtel-Sibir (Krasnoyarsk), and Rosava works in Ukraine (White Church).