SUAL aluminum company decides to pay no dividends despite large profit

Shareholders of SUAL (Siberian-Ural Aluminum company) made a decision to pay no dividends for 2001, despite the net profit of 349.3m rubles (about $11.13m), the company's press service reported. The source explained that SUAL was making significant investments last year. The total volume of investments reached 2.36bn rubles (about $75m), or almost 62 percent more than in 2000.

According to the annual report, approved by shareholders, the company's sales proceeds increased more than 830m rubles ($26.44m), or 4 percent, last year compared to 2000 and reached 20.63bn rubles ($657m).

In addition, SUAL shareholders approved the amended articles of association, regulations on the general shareholder meeting, the board of directors and the revision commission. Yunikon/MS Consulting group was appointed the auditor of SUAL.

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