Onezhsky general meeting expanded stock capital to RUR 200 000 000

Jul 04, 2005. /Lesprom Network/. On June, 28 2005 the general meeting of Onezhsky saw and timber-processing enterprise (Arkhangelsk region, Russia) decided to increase the stock capital from RUR 101 749 600 to RUR 200 000 000 by issuing 614 065 additional ordinary documentary shares worth RUR 160 per share, overall stake of RUR 98 250 400. The shares will be listed by open subscription. The shares will be listed among the following shareholders. - Excelsior Investments Limited (Cyprus) will acquire at least 76.5% of shares. - Loretto Pacific S.A. (Panama) will acquire at least 23.5% of shares. The board of directors also elected the board of directors, revision commission, accountant’s commission, approved the annual report, including profits and losses balance. Prime Expert was appointed auditor of the enterprise. Onezhsky produces sawn timber, 90% of goods are exported to Ukraine, France, Belgium, the Netherlands, Egypt, Spain, Germany and Norway. The enterprise receives major volumes of raw timber from Onegales, Nimengales and Maloshuikales.