OREANDA-NEWS. January 22, 2013. During the extraordinary general shareholders meetings held at the beginning of 2013, the shareholders of the Aviadvigatel and the Perm Engine Plant companies made a resolution to transfer to NPO Saturn the authority of the sole executive body in the frame of creating the “Civil aviation engines” division.

On January, 9th 2013 an extraordinary general shareholders meeting took place at the PMZ, and on January, 11th at Aviadvigatel. The main items on the agenda of the meetings were the termination of authority of the United engine corporation managing company exercising the powers of a sole executive body until then, and transferring the authority of the sole executive body with relation to the PMZ and Aviadvigatel to NPO Saturn. The absolute majority of shareholders voted for transferring the authority of the sole executive body to NPO Saturn. The authority of the United engine corporation managing company has been terminated ahead of its term.

According to Valery Nikulin, NPO Saturn deputy CEO for corporate ordinance and legal counsel, in the nearest future the boards of directors of all the companies integrated in the “Civil aviation engines” division will have to approve the transfer of authority of the sole executive body to NPO Saturn. The associated contracts will be entered into between NPO Saturn and its subordinated companies in the said Division.

“In addition to the already conducted extraordinary general shareholders meetings, we have by now obtained the necessary permits from the Federal anti-monopoly service authorizing the transfer of the authority of the sole executive body to NPO Saturn, - underscored Valery Nikulin, - that means that for the most part all the corporate procedures have already been completed. The most important legal fact regarding the transfer of authority is the shareholders’ resolution. Once a resolution is made by shareholders, all that is left to do are just a few technical and organizational details”.

From the legal standpoint, all the companies in the Division have been fully subordinated to the sole executive body starting by February, 1st 2013. Some new appointments could follow.

Research and production association Saturn OJSC – an engine-building company specialized in design, manufacture and aftermarket support of gas-turbine engines for military and civil aviation, the Navy boats and power-generation and gas-pumping installations. NPO Saturn OJSC is part of the United engine corporation managing company OJSC.