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Ilyushin Finance Co. not to hold IPO in winter 2011

RIA Novosti

14:46 28/10/2010 MOSCOW, October 28 (RIA Novosti) - Russian aircraft leasing company Ilyushin Finance Co., part of United Aircraft Corporation (UAC), will not hold an initial public offering in winter 2011 as previously planned, UAC head Alexei Fyodorov said on Thursday.

"We need to decide on the Tupolev (aircraft) program by year end. This is a large part of Ilyushin Finance Co., it is impossible to compile a business plan without understanding what it is. They won't have time to prepare for the IPO before March," Fyodorov said.

UAC had planned to offer 16-20 percent of Ilyushin on the Hong Kong Stock Exchange and Russia before March 2010 to raise $250-300 million.

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