OREANDA-NEWS. On April 19, 2007 Pervouralsk New Pipe Plant OJSC (PNTZ), Sverdlovsk Region, Russia (RTS: PNTZ), a part of ChTPZ Group, has held its Annual General Meeting. Participants in the meeting, including shareholders and their representatives, control 95.56% of voting shares.

According to the press service of CHTPZ Group, Vitaly Sadykov, General Director, ChTPZ Group, presented to PNTZ’s shareholders the annual report which included the company’s financial results for 2006.

According to the report, PNTZ sales in accordance with Russian Accounting Standards (RAS) rose 19.4 percent to RUR21.902 billion (RUR18.150 billion in 2005). PNTZ’s net profit reached RUR3.502 billion, which is 76.5% more than in 2005 (RUR1.984 billion).

The AGM approved the annual report and the financial statements, as well as the report on PNTZ profits and losses for 2006 and on distribution of profits according to 2006 results. The AGM also approved new versions of the company’s Charter, Code of Corporate Conduct and other internal documents. The participants in the meeting also approved a major deal related to the acquisition of equipment and also interested party transactions which could be made by the company in future.

It was decided not to declare or pay dividends. The shareholders selected Audit-Classic CJSC as the independent auditor for 2007.  

Melik Mori, Deputy General Director, ChTPZ Group, and Executive Director, PNTZ noted that, "other than investments into production, considerable sums were spent for the implementation of social and charitable programs. In 2006 PNTZ spent more than RUR25 million financing a voluntary medical insurance program, and opened a clinic supplied with the up-to-date diagnostic and medical equipment.

The company also started construction of an apartment building with 238 apartments for PNTZ employees – part of the PNTZ housing program. The company also spent more than RUR90 million for maintenance of its cultural, sport and health-improvement facilities. In addition, the plant continued to finance Foundation for World War Two Veterans and Labor Veterans, and sponsored the Uralsky Trubnik hockey team."

The AGM elected the Board of Directors and the Audit Commission. Among Board members are Melik Mori (ChTPZ Group), Vitaly Sadykov (ChTPZ Group), Alexander Karpov (Redhill Fund Limited), Alexander Fyodorov (ChTPZ OJSC), Sergei Moiseyev (Arkley Capital), Yanina Kotilevskaya (ChTPZ Group), Sergei Mori (PNTZ), Vitaly Volf (Head of city district, Pervouralsk), Alexander Pribludov (the Bar, Bryansk). Alexander Karpov was elected Chairman of the Board at a Board meeting held the same day.