OREANDA-NEWS. On 14 July 2008 was announced, that шn late June, shareholders of the PAVA company (www.apkhleb.ru), the largest grain processor of Siberia and the Far East, conducted the regular annual meeting. The event started with a confirmation of the annual financial report for 2007. The paper on this issue was presented by Andrey Ananin, OJSC PAVA Director General.

“The figures we achieved show positive dynamics of last year’s activities. The Company almost doubled its net assets, as IAS-based calculation shows. Today they stand at 1 074 274 thousand roubles,” he reported. In 2007 the amount of retained earnings increased by 60% on the year and reached over 115 mln., according to Andrey Ananin.

After the financial report was confirmed, participants of the meeting elected members of OJSC PAVA Board of Directors. They were Andrey Igoshin and Pavel Igoshin, today’s Chairman and Deputy Chairman of the Board respectively; Sergey Stolbov, OJSC PAVA Vice-President; Galina Balaenkova, International Business Development Director and Director of IR; Vladimir Kvint, foreign member of the Russian Academy of Sciences, Doctor of Economics, professor, President of the International Academy of Emerging Markets; Hubert De Biolley, international expert on ethanol markets; and also, Kremer Jan Hendrick who became new member of the Board.

One of the most important issues discussed at the meeting was approval of OJSC PAVA restated Charter. A number of changes were introduced in the document. Thus, modifications touched upon the procedure of notifying shareholders about the upcoming annual meeting. Earlier, this procedure meant forwarding individual letters to each shareholder. Now, they will be notified of the event by print media sources.