The general meeting of the shareholders of North Western Shipping Company OJSC held June 9, 2009 approved early termination of authorities of NWSC’s managing company Volgo-Baltic Company OJSC and transfer of the powers of NWSC’s sole executive body to Transport Asset Management LLC from July 1, 2009, PR Department of NWSC reports.
The shareholders also considered and approved the annual report of the company as well as its financial statements for 2008. The company’s net profit totaled RUR 8.320 mmln in 2008. The shareholders approved payment of 82 kopeks per one ordinary shares as dividends for 2008. Total amount of dividends to make RUR 7.891 mln.
The meeting also approved the new BOD consisting of 9 members.
North Western Shipping Company is Russia’s largest carrier specializing in transportation of loose and bulk cargo with batches from 1,000 to 5,000 tonnes. Cargo transportation is carried out by 133 motor vessels including 68 vessels owned by the company and 36 chartered from Volga Shipping. The company carries 6.6 million tonnes of cargo per year.
Transport Asset Management LLC is UCLH subsidiary. It was set up in 2008 for optimization of management within the holding. TAM Director General is Bukin O.Yu.
Universal Cargo Logistics Holding В.V. is a transport being controlled by Vladimir Lisin, comprises the Group of Companies Sea Port of Saint Petersburg OJSC, Universal Transshipment Complex in Ust-Luga, Commercial Seaports of Taganrog and Tuapse. The Holding’s total throughput is about 35 million tonnes of cargo per year.
Upon approval of the corresponding state authorities UCLH is to close the transaction on acquisition of a package of shares of Volgo-Balt Transport Holding Limited controlling North Western Shipping Company.
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