Results of annual general meeting of Bayan-Sulu OJSC (Kazakhstan) shareholders for 2000

/KASE, July 3, 01/ - Bayan-Sulu OJSC (Kostanai) provided the KASE with a copy of the minutes of annual general shareholders meeting, which was held on May 30, 2001. Based on approved agenda of the meeting, the shareholders of Bayan-Sulu OJSC approved the report of the President on the company's results, financial statements for the year 2000, act of the Supervision commission, changes in the company's charter, as well as made following decisions: - allocate undistributed net income of the year 2000 at KZT9,986 th. to restore a reserve capital; - not accrue dividends for the year 2000; - approve the development plan and the order of using the company's net income to be received in 2001; - approve the assignment of AC Esepaudit LLP (Kostanai) as the company's auditor. Besides, the meeting dismissed the previous Board of directors and Supervision commission and elected new ones (Alert V.V., Boger E.A., Belyaev Yu.N., Sokolov A.N., Kalinskii P.D.) and Supervision commission consisting of Igonina T.P., Matryuik A.I., Shin G.B. The president of the company, Broger E.A., made a speech on the results of the company in 2000, where it was said that the volume of confectionery output equaled 7,416 tons for KZT1,065.8m in current and KZT1,000.2m in comparable prices, which is 746 ton or 11.2% more than in 1999 (growth in current prices relative to 1999 - KZT100.6m, and KZT899.6m in comparable prices), 10 types of new products have been developed and introduced. In 2000 inventory and technical base of the company was improved further: punching equipment Kama-TS-102 worth of KZT24.4m was purchased and put into service which has increased cardboard package production; boiler house worth of KZT27.8m and 16 tons of steam producing capacity was put into service, which has cut the steam cost by 37%. A total of KZT57.4m has been invested into production. In 2000 total amount of short-term loans reached KZT118.1m, due amount - KZT34.6m. Gross income reached KZT144m (KZT19.87 th. from 1 ton of finished goods), which is KZT23.44 th. increase from 1999 (by KZT2.26 th. from 1 ton of finished goods), net income equaled KZT9,986 th. against KZT25,897 th. loss in 1999; taxes and other payments to the budget reached KZT123.9m. Based on the development plan, approved at the shareholders meeting, net income to be received in 2001 should be distributed as follows: - produce and ship 8.3 th. tons of confectionery for KZT1.3bn (11.9% growth in comparable prices to 2000); - receive KZT63.5m income from primary and secondary activities; - receive KZT50m net income and allocate 55% of it to production development, 20% - wages, social needs and other expenses, 5% - to restore reserve capital; - switch to autonomous fridge in biscuit and candy-chocolate workshops, at the warehouse; set up a 10 kW power line stretching for 3 km; switch the ovens in biscuit workshop; produce new 5 types of output. Common inscribed shares of Bayan-Sulu OJSC (KZ1C24121211, trade code - BSUL) were admitted to the official list of the KASE securities under category "B" on August 12, 1998. Primary activities of the company - production and sales of confectionery.