Templeton Strategic Emerging Markets Fund LDC, managed by international investment fund Templeton Asset Management Ltd (a member of Franklin Templeton Investments), exercised an option to purchase additional equity stake in Amtel holding company.
Templeton acquired 1.9% of Amtel shares and increased its stake in the tire producing holding up to 5.65%. The value of 1.9% equity stake amounted to $5 million.
"The Templeton decision to increase its share in Amtel capital proves that we have chosen the right development strategy, - said Sidhir Gupta, Amtel President. - We will continue to upgrade the holding member plants and to set up new facilities to produce new high performance tires of "Russian Premium" grade".
"We are satisfied with Amtel successfully implementing the business plan which we coordinated with the company when we were making investment decisions. Our decision to increase our share in Amtel capital evidences that" said Mr. Gregory van Beek, Templeton Asset management Ltd Vice President.
Alfa-Bank acted as a financial advisor of the transaction. Square, Sanders and Dempsey (USA) ensured the legal support.
