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Sumy Frunze AGM: Grigorishyn Fixes Operational Control

Sumy Frunze AGM: Grigorishyn Fixes Operational Control

26 November 2008

Shareholders at Sumy Frunze’s (SMASH: BUY) AGM approved the company’s 2006 financial results: sales of USD 307.9 mln and net income of USD 13.9 mln. Dividends will not be paid. Changes to the statute were endorsed, with the size of both the management board and supervisory board decreasing from 10 seats to seven. Inna Perepelytsya: As we foresaw in our October report, this AGM marked important changes in Sumy Frunze’s management: the company’s CEO Volodymyr Lukyanenko resigned. He was made President and was appointed head of the supervisory board. Viktor Choban, who served as secretary of the supervisory board, was voted in to replace him. In a speech, Choban said that an operational audit has been completed and the company will focus on  expanding its order book; in 2008 he forecasts revenues of USD 495 mln (60% more than in 2006) based on already concluded and expected contracts. We relate Choban’s appointment to Grigorishyn concentrating management control in the company. Grigorishyn was re-nominated to the company’s supervisory board.

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