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  Russian News and Information Agency “Novosti”, Irina Durnicina  

"Kazanorgsintez" distributed 30% of net income for dividends payment

  As it was announced by General Director of OJSC "azanorgsintez" Leonid Alekhin, the company being an important producer of polyethylene in the Russian Federation, would pay dividends covering the financial year 2007 at 25 kopeks per privileged share and 42 kopeks per ordinary share of 1 ruble par value. The General Director said that RUB 780.9 mln in total would be distributed for dividend payments.
As Mr. Alekhin put it during the annual general shareholders meeting of OJSC “Kazanorgsintez” on Wednesday, total net income in 2007 was RUB 21.5 bln or 37.3% higher than in 2006; net income increased by 18.2%, from RUB 2.2 bln to RUB 2.6 bln.
He reported that 30% of net income (RUB 780.89 mln) would be distributed for payment of dividends as follows: 25 kopeks per privileged share and 42.07 kopeks per ordinary share. According to the 2006 results, "Kazanorgsintez" paid dividends in the amount of 25 kopeks and 35.45 kopeks, respectively, while 30% of net income or RUB 663 mln were allocated for dividend payments, as well.
The remaining part of net income (i.e. RUB 1.82 bln) will be used for financing the Company’s investment program.

Alekhin said, as well, that the Company had increased the production of marketable products by 28% in 2007 if compared to 2006; profit before taxation – by 15.9% up to RUB 3.5 bln, gross income - by 12,6% up to RUB 6.17 bln.
The shareholders approved the annual report and financial statements and elected new eleven-member Board of Directors. CJSC “PricewaterhouseCoopers” was approved to be the auditing company.
New Board of Directors confirmed the existing appointment of Leonid Alekhin as General Director of OJSC "Kazanorgsintez".
OJSC "Kazanorgsintez" is the subsidiary company of TAIF Group of Companies established in 1995. The issued share capital of OJSC "Kazanorgsitnez" is RUB 1.9 bln. It is divided into 1,785 billion ordinary shares and 119,596 million preferred shares of 1 ruble par value. The largest shareholders of OJSC “Kazanorgsintez” are LLC "Telecom-Management" – 50.2% shares, and OJSC "Svyazinvestneftekhim" – 26.6% shares.
"Kazanorgsintez" is one of the largest petrochemical companies of Russia with full technological cycle of production including as basic monomers (ethylene), so the finished polymerization products. The Company holds 47% of polyethylene market in Russia (polyethylene pipes - 52%).


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