Krasnoye Sormovo BOD recommends shareholders not to pay dividends for 2008

On April 28, the board of directors of Krasnoye Sormovo shipyard (Nizhni Novgorod) recommended the annual general meeting of the shareholders not to pay dividends for both preferred and ordinary shares, the company’s official statement reads.

The annual general meeting of Krasnoye Sormovo shareholders is to be held on June 4, 2009. The company’s net loss under Russian Accounting Standard totaled RUR 130.025 mln in 2008 against RUR 132.205 mln of net profit in 2007.

Krasnoye Sormovo shipyard is a part of MNP Group which also incorporates Volgograd Shipyard, as well as Sormovskoye Mashinostroeniye (Nizhniy Novgorod), Volgograd Special Engineering Plant and Volgo-Caspian Design Bureau.