Russia's SPZ Group Taking Foreign Investment-Bearing News

SPZ Group (Russian Federation), which claims to be Russia's largest bearing manufacturer, announced it is taking foreign investment from two private equity firms. Under the agreement, Springdale Investments Ltd., and Printex Investments Ltd. will be allowed to acquire up to 120,999 shares in SPZ Group by the end of 2008. Neither company, however, shows up on any private equity investor listings. SPZ Group reportedly had 350,000 shares outstanding; it will dilute up to 605,000 after the two investments and the management exercises leveraged buying.

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