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2008-03-28

A-V Completes Sale of Moscow Tyre Plant

Amtel - Vredestein ’s Russian unit has completed the sale of its Moscow Tyre Plant operations to one of the companies of Midland Resources Holding Ltd. for $77 million.

A-V said it used the sale proceeds to reduce existing debt to Sberbank, which holds a pledge over MTP-M shares, and to fulfill certain obligations related to the acquisition of MTP-M from Moscow Tyre Plant in 2006.

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