русский

OJSC Mostotrest held annual general shareholder meeting

05/07/10  

On 30 June 2010 Open Joint Stock Company Mostotrest (“Mostotrest”) held their Annual General Shareholder Meeting in Moscow headed by Deputy Chairman of the Board of Directors Maria Zhurba. All items on the agenda were approved:

Agenda:

1) Approval of the annual report and accounts for year ended 31 December 2009 including the dividend payment for 2009

The Meeting approved the annual report and accounts, and authorised a dividend payment of 645 roubles per ordinary share for 2009. The annual report according to Russian Accounting Standards presented total revenue of RUR33.2 billion, an increase of 16% compared to 2008, and a net profit of RUR3.37 billion, an increase of 6.7 times over the previous year. The total contract value of projects completed reached RUR 22.4 billion and the business continues to benefit from the growing pipeline of future infrastructure projects in Russia. During 2009 the company’s backlog increased by more than RUR 18.5 billion and the company commissioned 50 separate projects, with a total length of 12,561 metres and a total area of 129,700 sq. metres.

2) Election of the Board of Directors members

The Meeting elected the following people to the Board of Directors: Mikhail Abyzov, Nikolay Stepanov, Denis Demidov, Maria Zhurba, Georgy Koryashkin, Danil Nikitin, Elena Sukhorukova, Oleg Tony and Sergey Shevchuk.

3) Election of the Audit Committee members

The Meeting appointed Mikhail Lavrov, Alexey Martynov, Ekaterina Perelygina and Vitaly Shelkovoy as members of the Audit Committee.

4) Appointment of the Company’s auditor

The Meeting approved Gross Audit LLC as the Company’s Auditor.

5) Definition of the number, nominal value and type of the shares authorised for issuance and the rights secured with these shares, together with the introduction of relevant changes to Mostotrest’s Charter

The Meeting approved inclusion of a section on the shares authorised for issuance in Mostotrest’s Charter, defined the number, nominal value and type of the shares authorised for issuance and all related rights attached to these shares. The authorised shares represent 1,241,200 ordinary registered shares at a nominal value of 28 roubles each. This authorisation has been given in order to increase the company's flexibility in its future development and create new financing possibilities, as it permits the company to increase its charter capital if appropriate.

6) Amendments to the Charter

The Meeting approved certain amendments to Mostotrest’s Charter, including expansion of the Board of Directors from 9 to 11 members and modification of the Charter to secure its compliance with commonly accepted corporate standards and regulatory changes.

7) Proposal of the Board of Directors to resolve Mostotrest’s share split and relevant amendments to the Charter

The Meeting approved the proposed share split of Mostotrest’s shares at the ratio of 1 to 200, as a result of which the share capital of Mostotrest will comprise 248,240,000 and the authorised share capital will comprise 248,400,000 ordinary registered shares with a nominal value of RUR0.14 each, and relevant amendments to Mostotrest’s Charter. The split has been made in order to increase the liquidity in Mostotrest’s shares and the Company’s future flexibility.

Commenting on the prospects of future development of “Mostotrest”, Mikhail Abyzov, Chairman of the Board of Directors said:

“We thank our shareholders for their continued support for Mostotrest. We welcome the General Meeting’s approval for changes to the company’s charter that will improve our corporate governance practices and increase our flexibility. We are pleased that the Meeting has also approved the dividend payment for 2009 and the share split aimed at increasing the liquidity of our securities, through creating a larger number of shares with a lower nominal value.

“Mostotrest’s strategy is aimed at diversifying and growing its operations across the transport infrastructure sector. A major upgrade of Russia’s transport infrastructure using modern innovative technologies is essential to maintain the country’s economic growth. The Government has restated that financial support for roads maintenance and development is one of the key priorities of budget policy, complemented by the participation of private investments. Therefore Mostotrest as one of the leading players in this market has good opportunities for its future development.”

About Mostotrest

Open Joint Stock Company Mostotrest is a leading transport infrastructure construction company and the largest bridge construction company in Russia. It operates in the development and reconstruction of automobile, railroad and city bridges and other engineering works. Mostotrest has built over 7,500 kilometers of bridges, foot bridges, tunnels and complex transport interchanges and is currently working on many of the most important new infrastructure projects in Russia, including the Sochi Winter Olympics 2014, and the Fourth Moscow ringroad.