Siberian Aluminum Group's BOD Chairman Oleg Deripaska at the Russia’s Role in the International Business conference held in Mariotte Grand Hotel, Moscow.
Photo: Michail Galustov
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BOD of Arkhangelsk TsBK Denies BazEl's Offer
The Board of Directors of Arkhangelsk TsBK (ATsBK) pulp and paper enterprise has rejected to make a contract with Kinsington Limited, whereby the latter would be entitled to sell 100 percent of ATsBK product in 2005.
The offer for granting distributorship to Kinsington Limited was made by Bazovy Element-affiliated Continental Management, which holds 33.6 percent in ATsBK. At present, ATsBK is selling the product through Arkhbum. Moreover, Heinz Zinner, the chairman of ATsBK Board of Directors, said yesterday the Austrian Pulp Mill Holding (owns 65 percent in ATsBK) eyes consolidating 100 percent in the company. To this effect, at the end of the past year the company had offered ATsBK minors to dispose of the stocks at 7,700 rubles each (stock par is 1 ruble). Some holders are selling the stocks, though Bazovy Element has not responded yet, Zinner pointed out.
Today, ATsBK convenes an extraordinary general meeting to elect another Board of Directors. The meeting has been initiated by Bazovy Element.
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