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. Last Updated: 07/27/2016

Irkut Puts Off Listing Until UAC Formed

Warplane maker Irkut said it would list shares in London only after the formation of the United Aviation Company, or UAC, a holding company planned by the government to revive the ailing aerospace industry.

President Vladimir Putin in February ordered the merger of state-owned planemakers into UAC, in which the state intends to hold no less than 75 percent.

In addition, private companies including Irkut will have to swap controlling stakes in their companies for UAC shares.

UAC is to be registered in late September and all UAC assets finally consolidated by the first quarter of 2007, senior industry officials assured Putin last month.

Irkut had said earlier that it planned to list some of its shares in the form of level-two or level-three American Depositary Receipts during 2006.

"Any operations with shareholder capital and debt instruments should be concluded in a stable situation," Irkut vice president Dmitry Yeliseyev said, giving the reason for the delayed share issue.

Irkut has already floated 23 percent of its shares in Moscow.

The company reiterated that it intended to go ahead with its listing plans and that the whole situation would become clear in the first quarter of 2007.