UKTMC OJSC (Kazakhstan) according to results of 2002 will pay dividends in the amount of KZT97.0 for each share

/KASE, June 2, 03/ - UKTMC OJSC (Ust-Kamenogorsk), whose shares are circulating in Kazakhstan stock exchange's (KASE) official "А" listing category, has presented KASE a copy of minutes of annual general shareholders meeting, which was held on May 22 of 2003. In accordance with the agenda shareholders of UKTMC OJSC listened to reports of the Managing committee and Auditing commission, confirmed annual financial statement of UKTMC OJSC, and also made the following decisions. Confirm the following order of distributing net income of UKTMC OJSC according to results of 2002: send KZT123.1 m. to dividend fund, KZT977.3 m. - to production development fund. Dividends for payment (taking into account deduction of income tax at the source of payment at the rate of 15%) is KZT97.0 per one share. Date of dividends payment starting is June 23 of 2003. Approve appointing of Deloitte & Touche as the company's auditor. Besides, for filling of vacancy shareholders included director of the Department of industry branches of the Ministry of industry and trade of Kazakhstan - B. Abdeev into the staff of the company's Board of directors till May of 2005. President (Chairman of the Board) - B. Shayakhmetov presented report about results of activity of UKTMC OJSC in 2002 on behalf of the company's Managing committee. It's been noted in the speech that despite toughening of competition at titanium market and preservation of instability and depression in aerospace industry, governing body of UKTMC OJSC jointly with Specialty Metals Company (Brussels, Belgium, owner of 65.77% of total number of the company's issued shares - note of KASE) succeeded to preserve orders on hand on the level of 2001. In 2002 there was increase of output of sponge titanium of high marks, its quality improved, and quality of commercial magnesium improved as well. The Combine received certificates of approval from "Bureau Vertikas Quality International " by the results of conducted certified audit of management system of combine's quality for correspondence to the international standard AS 9100 in the sphere of production of sponge titanium and magnesium in bullions, from "R- M-I" - as supplier of sponge titanium of highest quality. According to the report of the Managing committee by the results of 2002 the planned production, technical indexes and contractual terms concerning production sale had been fulfilled. Volume of production sale of UKTMC OJSC for 2002 equaled to KZT10.3 bn. (increase relative to 2001 by 6.9%), income before tax payments - KZT1.7 bn. (by 38%), net income - KZT1.1 bn. (1.5 times), level of profitability of commodity output - 18.3% (by 4.1%). Company's assets increased by KZT1.2 bn. relative to the level of 2001 to KZT8.6 bn. by the end of 2002, shareholders equity - by KZT1.2 bn. due to the net income, which was received in 2002. The company has no overdue indebtedness on taxes, wage, material and energy resources. In 2002 more than KZT40 m. were spent for realization of measures on protection of labor, for realization of nature preservation measures - about KZT45 m. According to the report in 2002 there was continued realization of measures of government's program on creation of mineral-raw materials base of titanium raw stuff in Kazakhstan (increase of explored reserves of ilmenite at Satpayevskoye field) and creation of metallurgical capacities on primary titanium raw stuff processing at UKTMC OJSC, and as the result there was received experimental part of ilmenite concentrate in the volume of 2.0 th. tons and 15.1 th. tons of titanium slag of better quality than imported one. Besides, within the framework of the governmental program the combine's governing body works out questions concerning designing and building of the second turn of ore-thermal complex, production diversification due to foundation of large-assembly production of pigmental dioxide of titanium and increasing of commodity readiness of titanium production, technical rearmament of production. Company's primary activities - production and sale of non-ferrous metals (high- quality titanium sponge, commercial magnesium). [2003-06-02]