OREANDA-NEWS. At the general meeting of shareholders of SCM, which was held on 30 April 2007, a report on the results of operation of the company in 2006 was presented.

According to the press service of the company, the net profit of SCM (without consideration of the financial results of operation of the SCM Group assets) amounted in 2006 to UAH1,232,889.6 thousand.

Shareholders made a decision no to distribute the profit made by SCM in 2006 but to allocate it for development of the group’s business.

“SCM intends to continue making investments in development of the business of the group, primarily in Ukraine. We are planning to invest both in the industries which are traditional for us – steel and energy business – and in the business areas which are new for us. In particular – in development of telecommunication and media assets”, said the General Director of SCM Oleg Popov commenting on the decision by the shareholders meeting.

The shareholders also approved a report of the Audit Committee on the results of the inspection of the economic activities of the company.

JSC System Capital Management (Donetsk) is the largest Ukrainian managing company, which owns and controls assets in the steel, engineering, energy-generating, coal-mining industries, in telecommunications, banking, insurance, media and other sectors of economy.

In particular, the company is a shareholder of Azovstal Iron and Steel Works, Yenakievo Metallurgical Works, Khartsizsk Pipe Works, Avdeyevka by-Product Coke Plant, Central and Northern Mining-Dressing Integrated Works.
90% of JSC SCM shares are owned by the Ukrainian businessman Rinat Akhmetov.