MOSCOW, Russia – June 28, 2012– JSC SITRONICS (SITRONICS or the Company) (LSE: SITR), the leading provider of telecommunications, information technology and microelectronic solutions in Russia and the CIS, today announces the decisions made by its Annual General Shareholders’ Meeting (“AGM”) on June 28, 2012.
The AGM approved SITRONICS’ annual report and annual accounting statements for 2011, including the profit and loss statement. The shareholders approved the recommendation of the Board of Directors not to pay an annual dividend for the twelve months ended December 31, 2011.
The AGM decreased the number of the Board of Directors’ members from 11 to 9, and elected the members of SITRONICS’ Board of Directors as follows:
- Sergey Aslanian
- Svetlana Afanasieva
- Sergey Boev
- Gennady Krasnikov
- Elena Myakotnikova
- Andrey Ryabov
- Igor Temirov
- Sergey Tishchenko
- Igor Zakharchenko
The shareholders elected the members of SITRONICS’ Audit Commission as follows:
- Milena Ivanochkina
- Dmitry Kudryashov
- Vladimir Churkin
In addition, the shareholders approved the related party transactions, which may be implemented by SITRONICS in the future.
Paliy & Sons was appointed as the Company’s Russian Accounting Standards auditor for 2012.
At the statutory Board of Directors’ meeting following the AGM, the Board of Directors appointed Sergey Boev as Chairman.
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