The board of directors at Bor Glass Plant in Russia will recommend to shareholders at the annual shareholders meeting on 7 April, that dividends not be paid for 1999, according to a company source.
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The board of directors at Bor Glass Plant in Russia will recommend to shareholders at the annual shareholders meeting on 7 April, that dividends not be paid for 1999, according to a company source. This decision is due to the need for further modernization of the plant“s production. In particular, one of the items on the agenda for the meeting will be a deal to purchase equipment from the Belgian company Glaverbel, one of the plant“s main investors. The main aim of the plant“s development programme in 2000 is the modernization of the glass production line. In addition, the plant plans to install modern “cold repair equipment” on its automobile glass production line. The source confirmed that, given the scale of the reconstruction project (planned equipment purchases amount to US$ 15.774 million) a decision on investment should be taken at the general shareholders“ meeting. Bor Glass Plant Production in 1999 amounted to 1.3 billion rubles, up 15% year-on-year. Bor Glass Plant charter capital amounts to 419 million rubles in 4,410,066 common shares with a par value of 95 rubles. The company“s main shareholders include a Cypriot registered subsidiary of Belgian Glaverbel (26.18%), EBRD (19.25%), International Finance Corporation (19.25%) and Alfa Capital Holdings Ltd. (Cyprus, 7.05%).