The general shareholder meeting was held by Magnesite Industrial Complex JSC (part of Magnesite Group) on April 29, 2006. The shareholders approved of the annual report, the accounting report, including the P & L statement, and settled the issue of P & L distribution. It was decided that the company should pass a dividend for 2005 and invest the undistributed net profit into the investment and social programs as well as in enlargement of circulating assets.

The shareholders elected Audit Classic JSC as their Auditor for 2006.

The Board meeting held on the same day resulted in electing Anatoliy Slobodin as Chairman and Igor Anikievitch as GD. The Board members also approved of Alexander Mozhaev as Board Secretary, and agreed on the figures of Deputy GD and Deputy Chairman.

The Board decided on the statement of using profit for social programs and on the amendments to the management scheme, the company’s spokesperson said to UrBC representative.