Russia & Germany: Avangard Malz AG is going to finish construction of the plant in Koblenz up to 2008 crop

The offer of purchasing three Weissheimer malting plants in Bremen, Grossaitigen, Gelsenkirchen and the unfinished plant in Koblenz, made by Avangard Malz AG, branch establishment of Avangard Bank, was approved at the meeting of the Weissheimer creditor’s board on December 1st, 2006, Avangard communicated in a statement.

“The Chairman of Avangard Malz AG board of directors is Kirill Minovalov and the Head of the company – Vladimir Dzhangirov.

On the 4th of December 2006 the temporary arbitral manager of Weissheimer signed a notary agreement of sale. In accordance with the terms of the agreement, all mentioned plants shall pass under the control of Avangard Malz AG.

Avangard Malz AG is planning to continue producing brewing malt on these plants and also to finish the construction of the plant in Koblenz up to 2008 crop.”

According to AK&M News, the total capacity of the acquired plants is 330,000 tons of malt per year. The amount of the transaction isn't mentioned.

Russian Malt OJSC is engaged in managing the construction and exploitation of plants, purchasing of barley and selling malt. The holding comprises three malting plants with total capacity of 340,000 tons per year, a feed mill, the Russian Malt trading company.

Avangard Joint-Stock Commercial Bank OJSC was founded in 1994 and is controlled by Kirill Minovalov. The Bank's authorized capital is RUB 560 mln.

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