Metafrax Held the Annual General Shareholder Meeting - Attention Was Focused On the Production Development Investments

On the 9th of June, during the annual meeting, the JSC Metafrax shareholders decided not to pay the company regular stocks dividends according to the 2015 results and leave the last year net profit of 7 212 billion roubles under the company control.

The shareholders connect it with the necessity of financing of the greatest investment program in the company’s history:

• This year, the company’s investment program is estimated to be 5.7 billion dollars that is twice higher than in the last year. – Said Armen Garslyan, Metafrax Board of Directors Chairman.

The shareholders elected the company’s Board of Directors. Oleg Gordienko, Vyacheslav Grachyov, Vladimir Daut, Dmitriy Kravchek, Viktor Mayer and Natalia Startseva saved their positions in the Board. The Board Chairman position was preserved for Armen Garslyan.

The shareholders meeting agreed the Annual Report and the Accounting Records, as well as the deals of interest.

In 2016, Ukey Audit, Ltd. (inspection of the financial and economic activities of the company) and JSC KPMG (inspection of the financial reports prepared in accordance with IFRS) are confirmed to be the company’s auditors.

In the new revision, the shareholders also confirmed the statute, the provision of the Board of Directors, the administration and the revision commission. Particularly, the company is changing its name to Public Joint-Stock Company Metafrax.

Nikolay Putintsev, Chief Legal and Corporative Officer, said that in order to meet the provision of the Russian Civil Code and the Federal Law “Of Joint-Stock Companies”, Metafrax is becoming a Public Joint-Stock Company (PJSC). The formal name changing procedure will be finished during a month.