Tekhnosila to merge subsidiaries in 2009

Russia-based Tekhnosila, has announced that in January 2009 its intends to finalise the creation of operating company LLC Tekhnosila, which will unite the chain's subsidiaries, so the merged company can start using International Financial Reporting Standards (IFRS) starting from next year. "Work has been under way for a long time to transition from a branched-out management structure to a centralised one. This project was launched back in summer 2008. In January, all the operating activities - leasing, purchases, sales - will be carried out through one legal entity," Tekhnosila PR Director Nadezhda Senyuk said. Merging the subsidiaries will enable Tekhnosila to create a clearer and simpler structure, Senyuk said. "Starting in 2009, we want to switch to International Financial Reporting Standards," she said. This will enable the company to become a player on the international borrowing market. In the past, the company has only published management reports.

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