03 June 2004 12:46
OMZ TO WAIVE 2003 DIVIDENDS
MOSCOW. June 2 (Interfax) - The board of United Heavy Machinery (OMZ) has recommended shareholders waive dividend
payments on common shares for 2003, company materials state.
The board of directors recommended that 2003 dividends be paid no later than December 31 on preferred shares at 12%
annually of their par value. The decision was made at a meeting on May 30. The board also recommended reinvesting
profits after dividend payments.
The board of directors approved the standard agenda for the AGM which will be held on June 30.
Power Machines produces and delivers equipment for hydraulic,
thermal, gas and nuclear power plants, transmits and distributes
Chairman of the OMZ board of directors Kakha Bendukidze has resigned from the board to become Georgia's
Economics Minister.
made up of Leningrad Metals Plant, Elektrosila, the Turbine Blade
Factory, Kaluga Turbine Plant and also the sales company
OMZ specializes in the engineering, production, sale and service of equipment and machinery for the nuclear power
industry, metals industry and a number of other sectors and produces special steels.
OMZ and Silovye Mashiny or Power Machines in the process of a merger of equals. Power Machines shareholders will
receive 50% of OMZ and OMZ will get 100% of Power Machines.
electricity and also transport and railway equipment. The company is
Energomashexport.
The Interros holding its partners and companies working on Interros' behalf owns the controlling share in Power
Machines.
[Interfax] |
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