Azovstal Approves Charter Fund Increase.

Azovstal’s (AZST: SELL) EGM on Dec 24, 2005 approved changes to the company’s charter fund increasing it by 15.2%. This was due to the completion of Azovstal’s merger with its major coke supplier Markokhim (MCHI). Azovstal’s additional shares could be swapped for Markokhim’s at ratio of 3 AZST for 1 MCHI. The decision on the merger of the two companies was approved by their respective AGMs on September 19, 2005. Both companies are controlled by Ukraine’s largest business group, System Capital Management (SCM).