19 December 2003 08:40
KALINA BOARD DECIDES NOT TO ISSUE SHARES IN 2003
YEKATERINBURG. Dec 19 (Interfax-Urals) - The board of Russian cosmetics manufacturing company Kalina has postponed an
additional share issue, initially planned for 2003, to next year, and cancelled its earlier price for the shares of
97.12 million rubles, Sergei Kazantsev, a spokesman for Kalina, told Interfax.
In a meeting on October 22, the board approved a price of 600 rubles a share, which exceeds face value 757% and
planned to place the shares before the end of 2003. The issue has been postponed due to an unfavorable situation on the
market.
decision has been made on the time fore a public offering, the board
will determine a price and offer preferential rights to existing
The board will discuss the price and date of the issue again after the situation on financial markets stabilizes,
Kazantsev said. Once a
shareholders.
The Federal Securities Commission on October 21 2003 registered the Kalina share issue prospectus. Kalina planned to
place 1.39 million shares with par value of 70 rubles to the sum of 97.12 million rubles. The Federal Fund Corporation,
a financial consultant on the securities market, signed the prospectus.
The Kalina board voted to up charger capital 16.6% to 682.66 million rubles at a meeting on September 23 2003. The
additional shares were to be sold through public subscription, but current shareholders would have preferential
rights.
Kalina saw net profit of 470.85 million rubles in 2002, up 3.4% year-on-year. Kalina has charter capital of
585,543,560 rubles, split into 8,364,908 common shares with par value of 70 rubles. The biggest shareholders are the
company's general director Timur Goryaev with 66.04% and the European Bank for Reconstruction and Development with
19.23%.
The concern includes the Kalina cosmetics plant and Novoplast (both in Yekaterinburg), a detergents plant in Omsk,
the Alye Parusa cosmetics combine in Ukraine, Lola atir Upa (Uzbekistan), Kalina Overseas Holding B.V. (Netherlands),
Pallada-Vostok (Uzbekistan), Torzhok (Ukraine), Pallada-Ukraine and Kosmetik und Rasierwaren Solingen GMBH
(Germany).
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