Rus News Journal

Kazanorgsintez is at war with the power

Kazanorgsintezu do not allow to increase an authorised capital stock
  Kazanorgsintez is at war with the power

Kazanorgsintezu do not allow to increase an authorised capital stock

the Commission on securities and stock market at government Tatarii has extended the decision About increase in an authorised capital stock and additional share issues of joint-stock company ` Kazanorgsintez ` declaring decisions of annual meeting of shareholders of this company, passed on June, 20th, illegal and breaking the rights of shareholders. Thus the republic management underlines that does not wish to lose control over one of the largest enterprises Tatarii.

joint-stock company Kazanorgsintez - one of the largest petrochemical enterprises of Russia on which share it is necessary about 50 % of polyethylene made in the country. GKI Tatarii belongs a blocking share holding of joint-stock company - 26,12 %.

the Decision of the cabinet of republic it is entrusted to State Property Committee Tatarii to reconsider decisions of meeting of shareholders of joint-stock company Kazanorgsintez from June, 20th about increase in an authorised capital stock of joint-stock company and realisation of additional issues of actions.
on June, 20th shareholders have accepted the supervisory board offer to result the size of an authorised capital stock (19,4 mlrd roubles) in conformity with cost of fixed capital which after numerous revaluations has made 1,464 trln roubles. A difference have decided to extinguish at the expense of two additional issues of actions. The first should increase an authorised capital stock ten times and extend on the closed subscription. The second issue (on 720 mlrd roubles) it was planned to place among foreign investors. Following the results of meeting respective alterations have been brought in the joint-stock company charter.
and only after two months representatives of the Commission on securities and stock market at cabinet Tatarii have declared that decisions of meeting of shareholders concerning authorised capital stock increase break positions of the current legislation and can lead negative financially - to economic consequences . Special indignation of the chief executive of the commission Victor Popova causes that fact that new actions Kazanorgsinteza should be distributed between the shareholders who are registered in the register at date of carrying out of meeting, i.e. for June, 20th. It, according to Popova, contradicts the legislation and infringes upon interests of the investors who have made the transactions with actions of joint-stock company at the moment of carrying out of meeting and the next days while the information on the accepted decisions yet did not become property of publicity.
nevertheless in this history another seems to the main things - the management of republic does not wish to lose control over the enterprise. In case of carrying out of the second additional issue the external investor, having spent $120 million, can receive blocking package in Kazanorgsinteze . At the same time this issue washes away a state share in Kazanorgsinteze to such degree that it loses the blocking package.
against an event in Tatarii strengthenings of a role of the state at the largest enterprises of republic, an event on Kazanorgsinteze for a republic management not palatably also it is undesirable. From this point of view, probably, also it is necessary to consider commissions to State Property Committee Tatarii.

GALINA - PECHILINA