OREANDA-NEWS. According to the normative legal certificates of the Russian Federation, the Decision on additional issue of securities and the Prospectus of securities the placement of 6,2 million additional shares of OJSC “GAZ” has begun. The placement will last till the date of placement of the last share of the additional issue, but not later than February 1, 2007.

According to the decision of the annual general meeting of shareholders of OJSC “GAZ” from August 3, 2006 payment of additional shares of OJSC “GAZ” can be made both by money resources, and ordinary and preferred shares of subsidiary joint-stock companies.

Following the “Program of corporate actions of “Group “GAZ” for 2006” adopted by the Board of directors of the company, with the beginning of placement of the specified additional shares OJSC “GAZ” finishes consolidation of the basic civil assets of Group “GAZ” in own perimeter.

Shareholders of some subsidiaries of OJSC “GAZ”, namely – OJSC “Autodiesel” (Yaroslavl motor factory), OJSC “Yaroslavl factory of fuel equipment”, OJSC “Yaroslavl factory of diesel equipment” and OJSC “Pavlovsk bus”, were given an additional opportunity to pay the additional shares of OJSC “GAZ” by their shares during the placement.