OREANDA-NEWS. On 29 April 2008 was announced, that on 28 April, the Annual General Meeting of Shareholders of the joint-stock company Latvijas kugnieciba was held and all issues included in the agenda were reviewed.

The shareholders took a notice of the reports of the Management Board, the Supervisory Council of JSC Latvijas kugnieciba and the sworn auditors, and approved the Annual Reports for the year 2007: the Annual Report for the year 2007 of JSC Latvijas kugnieciba prepared in accordance with the requirements of the Law on Annual Reports of the Republic of Latvia, and the Consolidated Annual Report for the year 2007 of JSC Latvijas kugnieciba and its subsidiary companies prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board.

The General Meeting of Shareholders made a decision to transfer losses of the year of account of the holding company of JSC Latvijas kugnieciba Group into uncovered losses of previous years. An audit company SIA Ernst & Young Baltic was chosen as an auditor of the Annual Reports of JSC Latvijas kugnieciba for the year 2008.

The successful operational results of the public joint-stock company Latvijas kugnieciba Group for 2007 have proved JSC Latvijas kugnieciba as a competitive company in the international shipping environment - the JSC Latvijas kugnieciba Group's net profit for 2007 reaching USD 67.0 million, thus twice or by USD 33.3 million exceeding the respective results for 2006.

Commenting upon the decisions made in the General Meeting of Shareholders, Uldis Pumpurs, Chairman of the Supervisory Council of JSC Latvijas kuмniecоba, acknowledged that the shareholders have appreciated the company’s development and success in the economic activity: “The results of Latvijas kugnieciba are noteworthy and prove a successful management of the company and correct decisions focused on a long-term development. A timely and purposeful fleet renewal and team-work of the shipping company’s staff are the basis for the successful future development, too.”

At the same time U. Pumpurs was perplexed pointing at the situation of blocking JSC Latvijas kugnieciba shares for this Meeting: “It is interesting and noteworthy that as to the Annual General Meeting of Shareholders of Latvijas kugnieciba none of those suspicious shareholders on whose real situation of shares ownership the Management Board of the company had previously received contradictory documents, had blocked the shares. As far as we know several law enforcement bodies are carrying out respective inspections. It’s a pity that business results and economic activity of the company are not issues of equal significance for all shareholders."