Shareholders of Volga Shipping Company approve reorganization
AO Volga-Flot (a company of UCL Holding) held its Annual General Shareholder Meeting on 22 June 2018 in Nizhny Novgorod).
During the meeting the shareholders considered and approved the 2017 annual report and financial statements of the Company. Net profit of Volga Shipping Company in 2017 totaled RUB 936 million. It was decided not to pay dividends for preferred shares of A-type and ordinary shares having allocated the funds left at the disposal of the Company for financing of its investment projects.
The shareholders elected the Board of Directors of AO Volga-Flot including Oleg Bukin, Victor Kirilenko, Dmitry Pritula, Denis Samsikov, Aleksandr Sinyavsky, Igor Fedorov, Aleksandr Shishkin.
The shareholders also elected the Audit Commission including Pavel Krylov, Elizaveta Malyugina and Irina Rumyantseva. OOO Rosekspertiza was approved as the Company’s independent auditor for 2018.
At the meeting it was decided to reorganize AO Volga-Flot through merger of OOO V.F.Tanker, OOO Volgo-Balt-Tanker and OOO V.F. Tanker - Invest into the Company with the purpose of building up and diversification of the Company’s business.
Due to reorganization it was also decided to increase the authorized capital of AO Volga-Flot through placement of additional shares.
AO Volga Shipping Company is one of the biggest transport companies in Russia. It was founded in 1843. The company transports cargoes along rivers and lakes of the country. In 2017, Volga Shipping Company carried 6.5 million tonnes of cargo.
The Company is a part of VBTH, shipping division of Universal Cargo Logistics Holding, international transportation group consolidating a number of Russian railway, stevedoring and logistic companies (the majority stakeholder of VBTH). The division also comprises North Western Shipping Company, V.F.Tanker and Okskaya Sudoverf shipyard.
