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29.04.2011  
  Tatar-inform,  
 

No final decision on TAIFs IPO has been made so far


 
 

In 2010, the group earned record-breaking profit in the amount of RUB 340 billion.

Today, the Annual General Meeting of PSC “TAIF” Shareholders was held in Kazan. The President of Tatarstan Rustam Minnikhanov took part in the meeting.

General Director of PSC “TAIF” Albert Shigabutdinov presented a report summarizing the company’s activity. He pointed out some challenges “TAIF” had confronted in the first post-crisis year. They were linked, inter alia, to the debt and interests burden of bank loans, as well as to the growth in tariffs.

Based on the annual report by PSC’s head, the aggregate revenue of TAIF Group amounted to the highest ever value of RUB 340 billion (RUB 257 billion in 2009). The net profit of all the group’s companies made up RUB 33 billion in 2010 (RUB 19 billion in 2009). Over RUB 33 billion were allocated to the all-level budgets including RUB 9 billion transferred to the consolidated budget of RT (it is 3 times more than in 2009).

The Board of Directors was reelected in the annual meeting. Chief Accountant of PSC “TAIF” Olga Ignatovskaya was elected as a substitute for an independent director Igor Vdovin.

Rustam Minnikhanov recommended the Board of Directors to reconfirm Rustem Sulteev in his office as chairman of the Board of Directors as well as to affirm the powers of General Director Albert Shigabutdinov. The members of the Board of Directors agreed with the proposal of the  President of Tatarstan.

At the press conference following the annual general shareholders’ meeting, Albert Shigabutdinov stated that the group had set a task for 2011 to work as good as in the previous year. The Q1 2011 performance is better than that year-on-year. In 2011, investments will remain at the level of the last year.

According to him, the shareholders have adopted no final decision about the IPO for PSC “TAIF” yet; however, an IPO issue will not be withdrawn from agenda in order to enhance financing of large projects implemented by PSC “TAIF-NK” and OJSC “Nizhnekamskneftekhim”.

Rustem Sulteev stated that out of the net profit of the joint stock corporation amounting to RUB 5 billion, the dividends were paid in the amount of over RUB 2 billion. The remaining ca. RUB 3 billion will be used for the company’s development.

 
 
 

 

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