Krasnoe Sormovo relies to raise the credit

The holders of Krasnoe Sormovo Plant included into the Sea & Oil/gas Projects Group approved the decision to raise the credits with VTB, Gazprombank and Sberbank, the company informed. The upper limit of the credits is set at 1.5bn rub.
The share capital of Krasnoe Sormovo is worth 1.497mln rub. split in 1123351 common and 374451 preferred stocks of 1 rub. par; the 2006-net profit reached (RAS) 203.9mln rub. or 6.9 fold less prior year; gross profit came to 564.4 mln rub. against 2.9bn rub.
MNG Group withdrawan from Joint Engineering Plant Group is working in the sector of the projects management in the shipbuilding and off-shore drilling platforms engineering. It involves Krasnoe Sormovo and Nizherogodsky Ship, Volgogradsky Shipbuilding Plant, Astrakhansky Shipbuilding Plant, Lotos Plant, and some others including Friede & Goldman (USA). The aggregated sales reached $251mln.