22 Jul '08
AAA Group, a diversified industrial firm, is looking for $1bn in investment for auto and mall development projects, the firm announced.
The company wants to grow its authorized capital by offering additional shares to new investors, but will retain a controlling stake of over 50%.
The group has set up a subsidiary auto company, AAA Motors, to carry out the auto projects, which focus on construction of auto dealer centers throughout South Federal District.
Currently Lexus, Renault and Mitsubishi centers are being built in Rostov-on-Don and Mazda center is under construction in Krasnodar. All these are to open in 2009. By 2013 the company plans to open 20 centers.
The auto company's investment program for 2008-2011 requires $230m, with $50-$70m to be brought in by a new investor, the company said.
AAA's developing projects are implemented by subsidiary developer ADM Group.
ADM CEO German Krasheninnikov says potential partners are welcome to invest in separate projects, as well as purchase a share in the company as a whole.
Currently the company plans to build two 150,000-square-meter shopping malls, to be named Kalinka Malinka, in Rosotv-on-Don and Krasnodar, each costing $400m.
The two projects are part of the firm's move to create federal network of branded malls, Krasheninnikov said.