“KAMAZ intend to offer “Avtopritsep-KAMAZ”, Inc. the new form of work that is oriented to uphold interests of the group. Both the companies are supposed to work under the scheme of “allocation of production” and to agree on prices for final products”, said Director General of KAMAZ, Inc. Sergey Kogogin.

Now KAMAZ hold 50%+1 stock of Stavropol enterprise. The new Board of Directors of the enterprise has been elected today at the meeting of shareholders. Director General of Kama automobile plant is to be the head of it. KAMAZ representatives have taken four places out of seven in the Board of Directors of «Avtopritsep-KAMAZ», Inc. whereas last year KAMAZ only had three places in it.

Today the shareholders of “Avtoptitsep-KAMAZ”, Inc. have approved annual and accounting reports for the year of 2002. Net profit for the year under study came to 9 million 138 thousand rubles, its growth made 17,9% - it was reported by Deputy Director of “Avtopritsep - KAMAZ”, Tamara Agafonova.

Balance-sheet profit has increased by 9,6% and came to 18 million 170 thousand rubles. Proceeds of the sales of finished products as compared to the year of 2001 have increased by 14,5% and came to 598 million 377 thousand rubles. The shareholders of “Avtopritsep - KAMAZ”, Inc. have adopted a resolution to pay dividends and to work profit for the development of the enterprise.

Monday, 30 June 2003