As part of the transfer to a single stock URALCHEM, OJSC announces that it launched reorganization of URALCHEM Group companies. On 23 July, 2010 the Board of Directors of URALCHEM, OJSC resolved to convene an extraordinary general meeting of the Company’s shareholders to consider reorganization. The Board of Directors of URALCHEM, OJSC recommended that the general shareholders’ meeting resolve to reorganize the Company by merging Azot, OJSC and URALCHEM Management Company, and approve the respective Merger Contracts.
In order to resolve on merger with URALCHEM, OJSC the companies that take part in the merger will hold extraordinary general meetings of shareholders in the beginning of September 2010.
Dmitry Osipov, the Chief executive Officer of URALCHEM, OJSC commented: “The proposed merger will allow us to improve financial flows management in the Group and significantly decrease administrative and management costs. In addition, reorganization will make the Group more attractive as an investment”.
In future, Uralchem plans to merge other Group companies with URALCHEM, OJSC.