The Board of Directors of the GAZ Joint-Stock Company has recommended that the company's shareholders make a decision to pay dividends of RUR14 per share for preference shares only, the press service of the Gorky Automobile Plant reported.
The annual meeting of shareholders in the GAZ Joint-Stock company will be held on June 28, 2003 in Nizhny Novgorod. Shareholders in the company will be offered to elect a new Board of Directors and an Audit Commission, as well as to approve the results of the company's operations in 2002, including the annual report, the balance-sheet and a report on profits and losses. They will also choose an auditor for 2003 and make a decision on payment of dividends for 2002.
The net profit of GAZ increased by 4.6 times in 2002, compared to that of 2001, and reached RUR214m ($7m). The Gorky Automobile Plant made 198,135 vehicles in 2002.
US President Joe Biden and Iraqi Prime Minister Mustafa Al Qadimi signed an agreement on July 26 to formally end the USA's military presence in the country by the end of the year