A regular meeting of KAMAZ PTC's Board of Directors chaired by Sergey Chemezov, Director General of Rostec State Corporation, took place in Moscow on May 23. The process of preparation for the annual General Shareholders' Meeting of KAMAZ PTC was discussed and a number of questions relating to the company's activity was considered at it.
As for KAMAZ's current activities, the company's shareholders heard a speech on the implementation of the 2017 Business Plan of KAMAZ PTC for the first three months.
Based on the results of 2016, an annual report was preliminarily approved, information on the composition and content of KAMAZ PTC's annual acoounting statements were taken into account. The agenda of the annual General Shareholders' Meeting of KAMAZ PTC to be held on June 23, 2017 was formed. Draft versions of KAMAZ PTC's Restarted Charter and internal documents were endorsed and submitted for approval at the annual General Shareholders' Meeting of KAMAZ PTC.
It was advised to distribute in the sum of RUB 1.2 bn of KAMAZ PTC's net profit gained at the end of 2016. RUB 297 mln of them should be paid as dividends on shares of KAMAZ PTC which will make up 42 kopecks per share. "In 2016, notwithstanding the economic recession, KAMAZ managed to ensure a boost in deliveries of innovative products both on the domestic market and abroad. The model line-up was radically updated, which also influenced the demand for our products. Consequently, the company's proceeds and net profit grew considerably. We took a decision to pay dividends in the amount of RUB 297 mln for 2016 at yesterday's meeting of KAMAZ PTC's Board of Directors," Sergey Chemezov, Chairman of the Board of Directors of KAMAZ PTC, General Director of Rostec State Corporation, commented on this decision.
The Board of Directors also approved the contract under which Rostec State Corporation is to offer KAMAZ PTC up to RUB 5.5 bln as a target loan for a period till 2032. The loaned fund is to be invested by KAMAZ in the project Development of KAMAZ Model Range and Modernization of Facilities for its Production.