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. Last Updated: 07/27/2016

Business in Brief

Zimbabwe Planes Interest



JOHANNESBURG, South Africa -- Zimbabwe may spend $381 million to buy Ilyushin and Tupolev airplanes from Russia, the Zimbabwe Independent reported Sunday, citing unidentified officials from state-owned airline Air Zimbabwe.

The country would have to make a 30 percent down payment on the deal, the Harare-based weekly newspaper said on its web site. Ilyushin Finance Company would finance the transaction, the newspaper added. (Bloomberg)




BasEl Eyes TGK-1 Shares



Oleg Deripaska may buy as much as 40 percent of TGK-1 when it issues new shares, Vedomosti reported Friday, citing an unidentified person close to the power generator's board.

Deripaska's Basic Element, which has interests ranging from aluminum to construction, may bid for the stock through its Yevroenergo unit, Vedomosti said, citing the person, who said such a bid was discussed at a recent TGK-1 board meeting. (Bloomberg)




Chelyabinsk Pipe Owner



Andrei Komarov, a billionaire member of the Federation Council, probably owns 90 percent of the holding company controlling Chelyabinsk Pipe Works and Pervouralsky Novotrubny Works, Vedomosti reported Friday.

About 90 percent of Cyprus-based Mountrise, which owns the holding company's shares, belongs to one person, the newspaper said, citing a Federal Anti-Monopoly Service report. The owner is probably Komarov, Vedomosti said, citing an unidentified person close to the holding company.

Komarov's stake in the holding company may be worth $1.45 billion, Vedomosti said. Forbes magazine estimated Komarov's fortune at $1.3 billion this year, Vedomosti said. (Bloomberg)




Petrocommerce Sale Off



Kazakhstan's Seimar Alliance Financial Corporation has postponed buying Russia's Bank Petrocommerce due to volatile global markets, Interfax reported Saturday.

Seimar CEO Saken Seifullin was quoted by the agency as saying the deal had been due to close in September but that it had been put off indefinitely. "We have for now postponed the deal to buy Petrocommerce until after global markets stabilize," he was quoted as saying.

In July, the Federal Anti-Monopoly Agency approved the sale of a 51 percent stake in Petrocommerce to Seimar. Neither Seimar nor Petrocommerce has announced details of the deal. (Reuters)




For the Record



Heavy machinery producer OMZ plans to spend about $300 million to increase production of steel and semi-finished steel, the company said in a statement Friday. (Bloomberg)

Volkswagen plans to assemble six models at its new Russian plant, Germany's Tagesspiegel newspaper reported Saturday, citing an unidentified company spokesman. (Bloomberg)

Russian steel producer NLMK will pay a dividend of 1.5 rubles per share for the first half of 2007, unchanged from last year, the company said on Friday. (Reuters)