OREANDA-NEWS. June 26, 2008. Annual meeting of the shareholders of the Joint Stock Company Volga Shipping has considered and approved the company’s financial results for 2007. In the reported period, the net profit of Volga Shipping amounted to RUR 278.120 million.  The shareholders have approved the dividends to the amount of RUR 57.69 per preferred share and RUR 18.50 per ordinary share Total amount of dividends makes RUR 55.951 million, the company announces.

The following Board of Directors of Volga Shipping was elected by the shareholders:

• Bagautdinov R.D. – Director General, Infotek-Baltica M CJSC;
• Baturina G.N., Advisor, Department of Transport and Communication Organizations’ Property, Rosimushchestvo;
• Zakharov I.E., Assistant Manager, Federal Agency for Marine and River Transport, RF Ministry of Transport;
• Kochetkova Zh.N., Chief Accountant, Infotek-Baltica M CJSC;
• Olersky V.A. – Commercial Director, Infotek-Baltica CJSC;
• Smolyansky A.S., Director General, Rumelko LLC;
• Smagin A.S., Lawyer, law office "Reznik, Gagarin, Abushkhmin and partners";
• Tarasov S. I., Head of local subdivision of Federal Agency for Federal Property Management,  Nizhni Novgorod region;
• Fedorov I.P., BOD Chairman, Sea Port of Saint Petersburg OJSC.

The Meeting also elected the Audit Commission and approved the company’s Auditor and interested-party transactions. 

According to the agreement between Volga-Baltic Company and Volga Shipping, approved by the Meeting, the power to manage the company was delegated to Aleksandr A. Shishkin.

Volga Shipping (Volga-Fleet OJSC) was established in 1843. The company’s fleet operating during navigation period numbers over 300 vessels including 50 sea-and-river-going vessels, 63 self-propelled river-going vessels, 50 tug boats, 70 non-self-propelled vessels (barges), 50 motor and hydrofoil vessels. Volga-Fleet OJSC and North Western Shipping Company (St. Petersburg) are parts of Volga-Baltic Company.

The authorized capital of Volga Shipping makes RUR 1,001,550 thou divided into 482,106 preferred shares of А-type and 1,520,994 ordinary shares with nominal value of RUR 500 each. RF Rosimushchestvo holds 25.55% of the company’s shares, Havensight Shipping Cyprus Limited – 43.4%.