The majority shareholders of "Metafrax" waive the dividends
Seyfeddin Rustamov, the beneficial owner of PJSC "Metafrax", intends to refuse the dividends payment for 2019. It is planned that financial resources will be used to support the existing production and personnel of enterprises as well as investment projects for the construction of new industrial complexes and units that are currently being implemented.
– The situation of the global market of methanol and its derivatives is currently negative. The consumption volume is decreasing and product prices are falling. We are aware of our responsibility to our partners, employees and society; therefore, in difficult times of crisis, we focus on ensuring the business continuity and ensuring stability for our employees. In this regard, I have made a decision to suggest that the shareholders of "Metafrax" waive the payment of dividends for 2019 and suspend the development of investment projects that have not yet begun. Work on projects that are under implementation will continue, – Seifeddin Rustamov stated.
– The management team of "Metafrax" welcomes the responsible decision made by the beneficial owner. For our part, we have assured all suppliers of raw materials that the raw material component of the company's costs is not reduced. We intend to negotiate with banks in regards to reducing credit interest rates. Together with our partners – producers of methanol, we address the federal authorities with a request for state support measures. We also plan to bring a proposal to the Governor of the Perm region in regards to changing the terms of special investment contracts and providing possible support at the regional level, – said Armen Garslyan, Chairman of the company's Board of Directors.
"Metafrax Group" actively cooperates with the government of Perm Krai on the issues of ensuring sanitary and epidemiological welfare of the population in relation to the COVID-19 epidemic and participates in issue resolution for reduction of coronavirus infection impact for the population in general as well as for the most vulnerable business sectors such as small and medium businesses. "Metafrax" sent financial aid to the Perm regional fund for social support of the population as part of a "Healthy Kama region" fund-raising charity event for the coronavirus control. The money will be spent on additional medical supplies, equipment, personal protective equipment and social support for the population.