11 Aug '08
AMS-Group will roll out its buses from Serbia’s Ikarbus plant Ulyanovsk-based car parts manufacturer Avtodetal-Service has announced plans to purchase a 39.2-percent stake in Serbia’s bus maker Ikarbus for $11m.
The firm, a subsidiary of AMS Group, said earlier it planned to churn out 800 new buses per year on the Balkan premises.
The firm's board of directors approved the purchase of 149,624 ordinary shares with a $72.5 par value from Serbia’s National Agency for Privatization for $11m.
Under the contract, Avtodetal-Service also has to buy out stock from minority holders at the same price upon receiving an offer by the end of August 2008.
A spokesperson for marketing at Avtodetal-Service told Marchmont that AMS Group was considering the manufacture of both Ikarbus buses and a new model of bus in Serbia.
The new model will be showcased at Interauto-2008, an international auto event to be held in Moscow on August 27-31.
The planned production capacity is up to 800 buses per year and the firm said it was eyeing sales in and outside Russia.
Avtodetal-Service is a subsidiary of Ulyanovsk’s holding AMS-Group and the major supplier of auto components for Ulyanovsk Automobile Plant (UAZ). It also manufactures more than 30,000 car parts for vehicles produced by AvtoVAZ and Gorky Automobile Plant (GAZ).
Serbia’s Ikarbus is one of the main manufacturers of inter-city, commercial, tourist and natural gas - powered buses in South Eastern Europe. Its annual production capacity reaches 1,000 buses.