At the AGM of CJSC SIBUR Holding (“SIBUR” or “the Company”) held yesterday in Moscow, the following resolutions were passed:
1. Approval of the annual report and annual financial statements for the 2011 financial year. Net profit under Russian Accounting Standards totaled 94.6 billion rubles[1].
2. A total dividend payment to shareholders of 21.8 billion rubles which amounts to 1,000 rubles per ordinary share.
3. The following persons were elected to the Company’s Board of Directors:
Leonid Mikhelson
Gennady Timchenko
Alexander Dyukov
Pavel Malyi
Oleg Golounin
Dmitry Konov
Ruben Vardanyan (as an Independent Director)
Seppo Juha Remes (as an Independent Director)
Arkadiy Samokhvalov (as an Independent Director)
At the first Board meeting held following the AGM, Leonid Mikhelson was elected as Chairman of the Board of Directors and Alexander Dyukov was elected as Deputy Chairman.
4. PricewaterhouseCoopers Audit were appointed as the Company’s auditors.
5. Shareholders approved a share split resulting in the conversion of 21,784,791 registered ordinary SIBUR shares, representing the entire share capital of the Company, at an average price of 1,000 rubles to 2,178,479,100 registered ordinary SIBUR shares with a nominal value of 10 rubles each.
6. The Company’s Articles of Association were amended in relation to its transformation from a closed to an open joint stock company. Once the updated version of the Articles of Association is registered, the Company’s new name will be Open Joint Stock Company SIBUR Holding (OJSC SIBUR Holding). This decision has been taken to increase the level of protection of shareholders’ rights, and improve the Company’s transparency for the investment community in line with proposed corporate legal requirements.
[1] The financial indicators under RAS reflect the results of CJSC SIBUR Holding without regard to the legal entities of the SIBUR Group. The figures under IFRS will be disclosed at a later time.
