Russia’s AvtoVAZ owners fail to approve Renault’s 20 bln rbl loan

TOGLIATTI, Jun 23 (PRIME) -- The shareholders of Russia’s largest carmaker AvtoVAZ have failed to coordinate a 20 billion ruble loan from Renault due to a lack of quorum, Eduard Vaino, the company’s vice president for external relations, said Thursday during an annual general meeting of shareholders.

The shareholders were to consider the 6-month loan with an interest rate of 11.5% annually.

The combined amount of stakes owned by shareholders that were registered for the meeting but were not an interested party did not exceed 50%, so there was no quorum regarding the issue, Vaino said.

(63.7162 rubles – U.S. $1)

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