19 May 2004 04:28
Russian titanium giant VSMPO to pay 11 rubles a share
YEKATERINBURG. May 19 (Interfax) - Shareholders of Verkhnaya Salda Metallurgical Production Association (VSMPO), the
world's leading milled titanium producer, accepted a dividend of 11 rubles on common shares, par value 1 ruble
each, at their AGM last week, Otto Leder, secretary to the board of directors, told Interfax.
VSMPO will pay a total of 116.881 million rubles, or 9% of its net profits, which were 1.279 billion rubles, Leder
said. Net profits fell 8% last year compared with 2002.
VSMPO decided against dividends for 2002 and to reinvest profits for that year.
from the board because the company wanted to "try out the scheme by
which the executive and the board of directors exist separately.
The AGM elected a board of seven directors and five-member audit commission, and again named ZAO Analitik-Ekspress of
Moscow as external auditor.
The board of directors includes Vyacheslav Bresht, who is board chairman; Dennis Kelly, vice-president of
VSMPO's U.S. subsidiary VSMPO TIRUS US; Igor Levin, VSMPO's chief metallurgist; Igor Malygin, head of
VSMPO's forging division; Nikolai Melnikov, VSMPO's production manager; John Monahan, president of VSMPO TIRUS
US; and Yevgeny Olkhovik, first vice president of SUAL Holding.
VSMPO controls 29% of the world market for milled titanium
products. It sells a large volume of its output under long-term
Leder said Vladislav Tetyukhin, the general director, was removed
Splitting the functions may bring more definition and efficiency to company management," Leder said.
Shareholders with 77.67% of the stock attended the meeting.
contracts with Boeing, Airbus Industrie, GE Aircraft Engines and Rolls- Royce.
VSMPO's main shareholders are ZAO Soyuz VS with 8.16% of the shares, OOO Renova-Investments with 5.59%,
Colbridge Limited with 20%, Colgrove Limited with 6.35%, Finecroft Limited with 11.25%, Maxbay Limited with 6.35%,
Rockcastle Enterprises Limited with 5.08% and Winfair Limited with 10.49%.
According to VSMPO's web-site, charter capital was 10,625,600 rubles consisting of 1-ruble shares on December 5,
2003. [RU ASIA EUROPE EEU EMRG MET AER AIR US CORA DIV] pr
[Interfax] |
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