OREANDA-NEWS. June 29, 2007. 2006 was named a really successful year at the annual stockholders’ meeting of KAMAZ Inc. held on 26 June in Naberezhnye Chelny.

The stockholders possessing 92,8% of the Company’s stocks in total took part in its work. Among high-rankers there was Rustam Minnikhanov – Prime-Minister of the Republic of Tatarstan, Andrey Dementyev – Director of the Organizational and Investment Policy Department of the RF Ministry of Industry and Energy, Board Director of KAMAZ Inc. and Ildar Khalikov – Mayor of Naberezhnye Chelny at the meeting. Sergey Kogoghin, Director General of KAMAZ Inc. chaired the meeting on a commission from the Board of Directors.

Speaking to the stockholders at the meeting, Sergey Kogoghin noted that in 2006 the company developed at a brisk pace in all directions of its activities. Particularly, a yearly increase in production and sale of marketable products and trucks exceeded 35%.

The parent company got a net profit at the rate of 721 million rubles, the group of organizations of KAMAZ Inc. – 1 billion 407 million rubles. The market value of the company doubled for the accounting period. KAMAZ Inc. became the only automobile plant in the country which managed to keep and strengthen its position in the key segments of the domestic market satisfying customers’ growing demands and competing with foreign companies.

“The flag of KAMAZ Inc. is currently spreading in the world far and wide, - Sergey Kogoghin said, - because the company sells its trucks, organizes co-production and establishes relations with dealers, and also new enterprises enter the group of companies of KAMAZ Inc. I always tell our partners in such cases: welcome to the KAMAZ family. Nobody was sorry for the choice to work with us for the time being.”

There were made reports by Khanif Mullakhmetov, Chairman of the Check-up Committee, and Andrey Maksimov, Chief Accountant of KAMAZ Inc. The representative of JSC “Audit-consulting company “AUDEX” (Kazan) read out the audit resolution.

The owners of KAMAZ Inc. discussed all items on the agenda. It was decided not to pay stock dividends of the Company’s 2006 profit (721 million rubles), but to direct 95% of these means to pay off the damages of the last period.

The relief fund of KAMAZ pensioners and veterans will be increased at the expense of the parent company’s profit, and in the second half-year of 2007 19 thousand people will get 1300 rubles each as flat payment. It was also decided to confirm the rate of renumeration for the members of the Board of Directors and the Check-up Committee – according to the decision of the Board of Directors on 6 March 2007.

The stockholders discussed the transactions of KAMAZ Inc. and VTB and voted for the suggested draft decision. The main part of the borrowed current assets of VTB will be directed to finance the programs of development of automobiles with EURO-3 engines, automobiles of heavy and medium tonnage families, long-haul tractors and leasing programs.

The number of Board Directors of KAMAZ Inc. didn’t change: by cumulative voting the stockholders determined 11 members of this representative authority, and also 5 members of the Check-up Committee.