Vice president of the Sibneft oil company Alexander Korsik is interviewed at the news conference summoned by the company top-managers to announce a new corporate development plans and Sibneft products promotion strategy.
Photo: Valery Melnikov
| Other Photos |
 |
|
 |
Sibneft Prepared for Sale
Sibneft's board of directors made the decision yesterday to hold the annual shareholders' meeting on September 12. The deadline for shareholders to register for the meeting was yesterday evening. As of today, the company is fully prepared for sale. Whatever the case, the oil company's principal shareholders, of whom Roman Abramovich is considered the chief shareholder, will receive $1.68 billion in dividends. YUKOS, which has 20 percent of Sibneft's shares listed in its fixed assets, will get $466 million. However, YUKOS will not see this money, since it will be automatically be written off against payment of its tax arrears.
The shareholders' meeting was originally scheduled for June 28, but it did not take place because of the absence of YUKOS and Millhouse Capital (the company that manages the assets of Sibneft's principal shareholders). Sources at Sibneft claimed that the reason for the absence of Millhouse representatives was that the principal shareholders wanted to receive dividends. On June 30, the board recommended the payment of record dividends of $2.33 billion, but no new date was set for the shareholders' meeting. The board of directors was obviously waiting for YUKOS to fulfill a court order to return 14.5 percent of Sibneft's shares to their previous owners. The shares were returned to Millhouse Capital in mid-July, and there was no longer any reason to put off setting a date for the new shareholders' meeting.
www.kommersant.com
All the Article in Russian as of July 28, 2005
|
|
|
