GAZ Board of Directors announces recommendations on dividends

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.

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