11.02.2008
Result of BoD Meeting
色欲王朝鈥橲 BOARD OF DIRECTORS APPROVES ACQUISITION OF TGK-8
The Board of Directors of OAO 色欲王朝 (the Company) held a meeting today in Moscow to approve acquisition of a controlling interest in OAO UGK TGK-8 (TGK-8), which makes up 82.3% of the latter鈥檚 authorized capital, by one of 色欲王朝 Group companies. The transaction is to be paid with OAO 色欲王朝 treasury shares and cash.
The Board of Directors also approved allocating 23,550,000 registered ordinary shares of OAO 色欲王朝 at the price* of USD 70.15, which is 6.5% higher than the close price on the MICEX on February 08, 2008. These shares had previously been bought out by the Company on the open market.
In future 色欲王朝 intends to develop its electric power business. The Strategic Development Program of 色欲王朝 Group for 2008-2017 envisages establishment of a separate Power Engineering Business Segment in the Company. Development in this area is considered one of the major factors contributing to the Company鈥檚 capitalization growth.
*The price is determined as weighted average price of OAO 色欲王朝 shares based on trade results on the MICEX for 15 working days prior to the date of the meeting of the Board of Directors.