OREANDA-NEWS. On April 18, 2007 Chelyabinsk Pipe Plant OJSC (ChTPZ) (RTS: CHEP), a part of ChTPZ Group, has held its Annual General Meeting. Participants in the meeting, including shareholders and their representatives, control 84.56% of the voting shares.

According to the press service of CHTPZ Group, Vitaly Sadykov, General Director, ChTPZ Group (Managing company for ChTPZ), presented the annual report which included ChTPZ financial results for 2006.

According to the report ChTPZ sales rose 52.2 per cents to RUR 30.805 billion (RUR 20.240 billion in 2005).

The plant's net profit in accordance with Russian Accounting Standards (RAS) reached RUR 2.778 billion, which is 4.3 times more than in 2005 (RUR 644.867 million).

The AGM approved the annual report and the financial statements, as well as the report on ChTPZ profits and losses for 2006, and on distribution of profits according to 2006 results. The AGM also approved new versions of the company's Charter, Code of Corporate Conduct and other internal documents. Participants also approved several interested party transactions (including prolongation of the Agreement with ChTPZ Group as the managing company for ChTPZ), as well as interested party transactions which could be made by the company in the future. It was decided not to declare or pay dividends. The shareholders selected Audit-Classic audit firm as the independent auditor for ChTPZ in 2007.

The AGM elected the Board of Directors and the Audit Commission. Among Board members are: Alexander Fedorov (ChTPZ OJSC), Vitaly Sadykov (ChTPZ Group), Oleg Kustikov (LLC PROTSION), Sergey Moiseev (Arkley Capital), Oleg Seleznev (A.K.T. Paritet), Viktor Skryabin (ChTPZ OJSC), Alexander Pribludov (the Bar, Bryansk). At the Board meeting held at the same day, Alexander Fedorov was elected as the Chairman of the Board.