Russia: Ostankinsky Brewer to make second attempt to double charter capital
Moscow's Ostankinsky Brewery will make a second attempt to double charter capital, the company said at the end of June, according to Interfax News Agency. Company shareholders decided to place 515,000 rubles in additional shares at a recent annual meeting, which is how much charter capital the brewer currently has, the company said. The brewer is expected to issue 515,000 common shares with a par value of one ruble each.
The shareholders made the first decision to double charter capital in June 2004. However, the regional Federal Financial Markets Service of the Central Federal District ruled the additional issue of 515,000 rubles invalid in May 2005 because the company violated a number of points in securities law.
The shareholders also decided that the additional issue will be done in two stages at par value. During the first stage shareholders will have the right to buy shares in proportion to the ones they already own. During the second stage, the remaining shares could be acquired by Sergei Gruzdev, the brewer's economic and planning director, and Vyacheslav Shkop, the company's general director.
The shareholders also decided to waive dividends for 2004 and use profit for development.
The Ostankinsky Brewery was founded in 1949 and incorporated in 1993. It has charter capital of 515,000 rubles, divided into common shares with a par value of one ruble. Sergei Gruzdev, the company's economic and planning director, owns 45% of the company and General Director Vladislav Shkop has 35%.
The brewery produced 52 million liters of beer in 2004, the same volume as in the previous year. Revenue was 560.6 million rubles in 2004, against 499.5 million rubles in 2003 and net profit was a respective 18.7 million rubles and 33.7 million rubles. Ostankinsky controls about 5% of the Russian beer market.
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