Orgachim Shareholders Set 2006 Profit to the Additional Reserves Fund

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Shareholders in Orgachim approved all issues on the agenda of the general meeting held today. Only minor corrections were made to some of them, a shareholder told profit.bg. The profit of the Rousse-base manufacturer of paints and lacquers which is in the amount of 8.095 mln leva will go to the Additional Reserves fund of the company instead of the Regulated Reserves Fund as was initially proposed.

The company accepted the report of the management bodies on their activity during the past year as well as the annual financial statement. The reports of the certified public accountant and the Public Realtions directors were also filed.

The general meeting also approved the exemption from liability of the members of the management bodies for their activity during the year.

Some of the issues on the agenda were related to amendments within the framework contract signed February 28, 2003 between Orgachim and Policolor AD. Shareholders decided to reverse the annual limit of 5 mln euro for the sale of Orgachim production to Policolor.

Towards end of January Policolor which is listed on the Bucharest Stock Exchange announced that it is planning to transfer part of its production to Orgachim and only high value added products will be made in Romania.

34 shares of Orgachim changed hands today. The stock dropped 0.8% to 274.88 leva per share. Bids were at 273 leva and asks at 274 leva before the bourse closed.

The company's stock added 262% during the past year.

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