OREANDA-NEWS. On 02 July 2009 OMZ OJSC (Uralmash-Izhora Group) (RTS: OMZZ; LSE: OMZD; OTC: UHMVY), a leading heavy machinery company with assets located in Russia and the Czech Republic, announced that Izhorskiye Zavody OJSC, a part of OMZ Group, held an annual general meeting of shareholders (AGM).

Shareholders registered as of 6 May, 2009 took part.

Participants considered and approved all decisions included into the agenda. Among the documents approved by the participants were the annual report on the company's operations for 2008, its annual financial statements including profit and loss statement, amendments to the company's Charter. The shareholders elected a new Board of Directors and Audit Committee, approved interested party deals and selected HLB Vneshaudit as the company's auditor for 2009.

Thus the new Board of Directors of Izhorskiye Zavody OJSC includes the following nine members:

1. Evgeny Borisov, General Director, Managing Company – Strategic Assets CJSC

2. Viktor Danilenko, General Director,OMZ OJSC

3. Sergei Ivanov, First Vice President, Gazprombank (OJSC)

4. Farid Kantserov, Deputy Chairman of the Management Board, Gazprombank (OJSC)

5. Kirill Komarov, Executive Director, Atomenergoprom OJSC

6. Vitaly Lotokhin, Genral Director, Forpost-Management CJSC

7. Ilya Novikov, Chief of Financial Economic Controlling Directorate, Managing Company – Strategic Assets CJSC

8. Vladimir Ovchar, CEO of holding company and Deputy General Director responsible for strategic development, Podolsk Machine Building Plant OJSC

9. Viktor Shevchenko, General Director, Izhorskiye Zavody OJSC.

The participants in the first meeting of the new Board of Directors elected Farid Kantserov the Chairman of the Board. Evgeny Borisov was elected Deputy Chairman of the Board of Directors.

The shareholders of Izhorskiye Zavody approved a decision not to pay a dividend on preferred and common shares for 2008. According to the approved decision the company's net profit in the amount of RUR77 million will be spent to increase the company's capitalization.