VSMPO-AVISMA PIPE PLANT SHAREHOLDERS FAIL TO APPROVE SHARE ISSUE

摘要

Shareholders of the VSMPO-Avisma Pipe Plant (formerly CETAB-Nikopol), a division of Russian titanium giant YSMPO-Avisma, at the second stage of an EGM on July 13 failed to approve a new share issue because one of the shareholders, the Nikopol Pivdennotrubny Pipe Works (NPTZ), voted against the proposal. A source at the company told Interfax that NPTZ voted against increasing charter capital and against the corresponding changes to the charter. "Since changes to the charter require three-quarters of votes, the decision did not pass and the increase in charter capital did not take place," he said.