United Machine-Building Works JSC holds annual general meeting

United Machine-Building Works JSC (Uralmash-Izhora Group) held the annual general meeting on June 5, 2006. The eligibility to attend was determined by being included in the register by April 17, 2006. The shareholders approved of the company’s annual report for 2005, of the accounting report (including the P&L statement), and of the inspection committee report.

In 2005, the company’s operating profit was 3.3 times greater than in 2004, its revenues went up by 27% and reached the point of $666.1 million.

The fact that the nuclear industry contracts signed with United Machine-Building Works will end in 2006 and 2007 has been negatively affecting their business development in general, says the company’s press release.

The shareholders decided to pay the preferences share dividend of 12% of the share face value. The rest of the profit is to be invested in the company’s development.

Nine Board members were elected, namely: Managing Director of Moscow subsidiary of Sputnik Investment Ltd. Dmitriy Bakatin, Corporate Financing Director of Gazprombank CJSC Sergey Grischenko, Deputy Chairpersons of Gazprombank CJSC Ilya Yeliseev and Alexei Matveev, General Director of United Machine-Building Works (Uralmash-Izhora Group) Sergey Lipskiy, President of Kiuru Partners LLC Remes Seppo, President of IndexAtlas Group, Vice-President of Oilgasnet, Director of Dresdner Kleinwort Wasserstein Sergey Skaterschikov, General Director of Techsnabexport JSC Vladimir Smirnov, General Director of Forpost Management CJSC Vladimir Yurkov.

The shareholders decided to make it non-obligatory for Forpost Management CJSC to offer the other shareholders to buy their share holding as provided by the Federal Legislation on Joint-Stock Companies; this has to do with the prospective acquisition by the company of up to 95% of shares. Forpost Management CJSC now has 19.93% of ordinary registered shares.

PricewaterhouseCoopers was elected the company’s Auditor.


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