24.12.2009 // The Prime minister of the Russian Federation has signed an executive order allocating 6.5 billion roubles for supporting enterprises in helicopter and engine building industries
Moscow. December 24th, 2009. – On December 23rd The Prime minister of the Russian Federation Vladimir Putin has signed an executive order to allocate 6.521 billion roubles to JSC “OPK Oboronprom” for supporting enterprises in the helicopter and engine building industries.
According to this document these funds will serve to increase Oboronprom’s charter capital so that it can purchase an additional issue of companies’ shares.
3 billion roubles will be invested into chartered capital of JSC AAK “Progress”, 1.711 billion roubles – JSC “Engine builder”, 1.165 billion roubles – JSC “Klimov”, 0.645 billion roubles – JSC “Kuznetsov SNTK”.
According to JSC “OPK Oboronprom” representative funds allocated by the Russian government will serve as repayment of debts for the above mentioned companies. Those debts date prior to the acquisition of the companies by JSC “OPK Oboronprom”.
JSC “OPK Oboronprom” in 2010 will also receive additional budget funds (691 mil roubles) for an additional share purchase of JSC “AAK Progress”, JSC “Kumertau aviation manufacturing enterprise”, “Kamov” and “Ufa engine building enterprise”.
In 2010 additional 1.786 billion roubles will be allocated from Russian budget to JSC “OPK Oboronprom” by purchasing additional share issue of the company. These funds will compensate for the interest payments to the Russian banks for the loans received by JSC “OPK Oboronprom” to consolidate helicopter and engine building assets according to the President and Russian government orders, in 2010.
JSC “OPK Obornprom” representative also noted that in the past the Russian government through the increase of the chartered capital of JSC “OPK OBORONPROM” has supported the following companies – JSC “Engine builder” – 1.46 billon roubles, JSC “NPO Saturn” – 5.2 billion roubles, jSC “Chernyshev MMP” – 2.9 billion roubles.
“State support allows the companies included in JSC “OK Oboronprom” meet their current financial needs as well as to plan forward in realization of strategic projects in engine and helicopter building” added the company representative.
JSC United Industrial Corporation “OPK Oboronprom” – is a diversified machine-building corporation established in 2002. It is a part of “Russian Technologies” State Corporation. Main activities include helicopter manufacturing (JSC “Russian helicopters”), engine building (MC “UEbC”) as well as others .Consolidated corporate income in 2008 exceeded 100 billion rub.
