Ogachim's Majority Shareholder Votes Against Dividend Distribution Proposal

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Ogachim's Majority Shareholder Votes Against Dividend Distribution Proposal

There were no surprises at today's general meeting of shareholders in Orgachim-Ruse () , all issues on the agenda have been approved, Profit.bg sources said.

A proposal made by an institutional investors, to set 90% of 2007 income as dividend was voted against by the majority shareholder.

Shareholders decided to add last year's profit (6.764 mln leva, 3.45 mln euros) to Reserves.

The meeting also adopted the reports of the management boards on their activity last year and they were exempt from liability.

The management board recently adopted a decision to restructure the company and separate the different production activities.

A new joint stock company will be set up. It will be responsible for the business with phthalic ad maleic anhydride.

H1 sales revenues rose 20% from 56 mln leva to 67.35 mln leva (34.4 mln euros) in a year. H1 profit stands at 3.02 mln leva (1.54 mln euros) or 6 leva/share, compared with 6.33 mln leva a year ago.

The last transaction on the position was at 199 leva. The price has fallen by 50% in the past 12 months. Orgachim's market capitalization is below 100 mln leva.

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