OREANDA-NEWS. On December 23, 2006 general meeting of shareholders of OJSC “Khartsyzsk Pipe Works” (KHTZ)  being a part of the group “Metinvest” has made a decision on payment of dividends for the total sum of approximately UAH 142 million to shareholders of the enterprise.

According to Interfax-Ukraine, profit of KHTZ for 2004 and 2005, and also unallocated profit for 2003 will be directed on payment of dividends.

KHTZ received UAH 2,076 million of the net profit in 2004, and in 2005 – UAH 136,292 million.

According to the charter of KHTZ, 5 % of the net profit shareholders will direct to the reserve fund, the rest of sum – UAH 1,972 million and UAH 129,478 million accordingly - on payment of dividends which will begin in 2006.

Shareholders also have heard the report of the general director on results of financial and economic activity of the company, have approved the financial reporting for 2004-2005, and have made changes to the charter and regulations about the supervisory council (SC) of the company. In particular, the order of payment of dividends, election in SC and Audit committee, which structure now can include both physical and legal persons-shareholders, has changed in a new wording of the charter and also powers of the general director was increased.

Shareholders have called the current supervisory board with its full complement and have elected “Metinvest Holding Ltd” in it, and JSC “Systems Capital Management” (Donetsk) in the Audit committee.

OJSC “KHTZ” is the largest CIS manufacturer of the large-diameter welded pipes from 478 mm up to 1420 mm for main gas-and oil pipelines. Capacities of the factory allow making 1,6 million tons of pipes a year.

Group "Metinvest" carries out strategic management of the mining-metallurgical business of JSC “Systems Capital Management” (Donetsk). The management company of the group "Metinvest" is “Metinvest Holding Ltd”. 87,68 % stake in the company are supervised by the holding “Systems Capital Management” , 5 % stake - “Metinvest Holding”.