Lysychansk Soda: meeting replaces chair of supervisory board

Shareholders of the Ukraine“s second largest soda producer, open joint stock company Lysychansk Soda (Luhansk region) voted at their meeting on 30 January 2006 to remove supervisory board chairperson…

Shareholders of the Ukraine“s second largest soda producer, open joint stock company Lysychansk Soda (Luhansk region) voted at their meeting on 30 January 2006 to remove supervisory board chairperson Oksana Polischuk and replace her with Pavlo Rzhevskyi. Rzhevskyi does not own shares in Lysychansk Soda. Polischuk represented Ravenscroft Holdings Ltd. (British Virgin Islands) on the board, according to the Agency for Development of Stock Market Infrastructure. In August 2005, shareholders dismissed board chairman Serhii Driupin and appointed Serhii Lytvynenko instead. Lysychanska Soda reported a loss of UAH 9.587 million for the year 2004. It has yet to release financial results for 2005. According to information available as of late 2004, Varkedge Ltd. (Cyprus) owned 9.83% of Lysychanska Soda, Melchet Invest Ltd. (Bahamas) owned 17.78%, Ravenscroft Holdings Ltd. (British Virgin Islands) owned 13.8%, Mortondale Assets Limited (Bahamas) owned 10.84%, Kronstaf Management S.A. (St. Vincent & Grenadines) owned 9.9%, while Afina Investments Ltd. (Belize) owned 9.83%. The companies are affiliated to Pryvatbank.