Glaverbel to help Bor Glass Works in upgrades

Glaverbel Cyprus Limited, an affiliate of Belgium“s Glaverbel, will lend the Bor Glass Works from Russia“s Nizhny Novgorod region US$ 45 million for upgrades, the company said
Bor Glass Works share…

Glaverbel Cyprus Limited, an affiliate of Belgium“s Glaverbel, will lend the Bor Glass Works from Russia“s Nizhny Novgorod region US$ 45 million for upgrades, the company said Bor Glass Works shareholders approved the loan at their annual meeting on 30 May. The company needs the loan because it is unable to repair one of its two polished glass lines on its own. Work on the line started in March and the company planned to complete the upgrade in August. The project involves replacing a furnace and other core equipment and installing a cutting line. The shareholders also approved a contract to buy US$ 22.823 million in equipment from Glaverbel. The equipment must be delivered by 1 November 2002. The shareholders also approved a contract to buy US$ 3.973 million worth of refractories from Bor Glass subsidiary ZAO Borskoye steklo in St. Petersburg, and a deal with marketing subsidiary OOO Glaverbel Vostok of Moscow. Bor Glass Works closed 2001 with net profits of RUB 429.145 million, up 17.6% from RUB 365.012 million in 2000. General director Valery Tarbeyev said that the shareholders accepted a dividend of RUB 44.32 on shares with par value of RUB 95. The company did not pay dividends for 2000 and reinvested all of that year“s profits. The shareholders elected a board of 13 directors, among them seven representatives of Belgium“s Glaverbel, three of Bor Glass Works and one from each of the European Bank for Reconstruction and Development, International Finance Corporation and Bor district administration. ZAO PricewaterhouseCoppers of Moscow will audit the company for 2002.