OREANDA-NEWS. On 26 May 2009 was announced, that results of the Board of Directors of TGC-1 by absentee voting, had been summed up.

The Board of Directors decided to recommend to the Annual General Meeting of the Company’s Shareholders to approve the annual report for 2008 and annual accounting reporting. In accordance with RAS, the revenue of TGC-1 for the last year amounted to 31 bln 127 mln RUR, operating profit – 1 bln 539 mln RUR, and net profit of the Company increased by 86% compared to 2007 and totaled 231.3 mln RUR.

The Board of Directors recommended the shareholders of the Company not to pay dividends proceeding from results of the fiscal year 2008, and to allocate the retained profit of the reporting period to implementation of high-priority investment projects (219.7 mln RUR) and formation of the reserve fund (11.5 mln RUR).

“I believe that this resolution is very positive for the Company since today implementation of high priority projects of the investment program is a key objective for both the management and the shareholders”, said Boris Vainzikher, General Director of TGC-1.

The Board of Directors considered a range of issues related to organization of the Annual General Meeting of the Company’s shareholders to be held on June 17, 2009.