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The Silovye Mashiny concern will pay no dividends
The Silovye Mashiny concern, Russian-based power-industrial mammoth, will pay no dividends for last year to channel its lump profit into corporate development. The decision was made by its annual general shareholders' meeting today, says a Silovye Mashiny press release, circulated today. Among other purposes, the company will spend the profit left at its disposal on updating production and equipment, says the release. The holders approved the concern annual report and accounts, and elected a Directors' Board, eight on it. Silovye Mashiny is Russia's leading manufacturer and supplier of machinery for hydro-, thermal, gas and nuclear power plants, electric transmission and distribution equipment, and machinery for rail and other transport. The concern has brought together several industrial majors-the Leningrad Metalworks, Electrosila, Turbine Blade Works and Polzunov R&D institute, all based in St. Petersburg, plus the Kaluga Turbine Works in Central Russia and the Moscow-based Energomachexport corporate sellers. Silovye Mashiny technology can be found in 87 countries. The Siemens concern, Germany, was determined to purchase its control block. Russia's Federal Anti-Monopoly Service banned the transaction, last April, on the grounds of its non-compliance with Russian anti-monopoly laws and a legal precept that prohibited nonresident participation in military-industrial complex assets. Viktor Khristenko, Russia's Industry and Energy Minister, pointed out basic problems underlying the thwarted transaction. They revolve round military-oriented technologies. It will be impossible to single them out from overall Silovye Mashiny activities and produce or, at least, the task will cost an exorbitant sum. There is another problem, too-protection in competition, said the minister. Debates are now underway for the control stock to be purchased by Basic Element Co., owned by Oleg Deripaska, one of Russia's most notable industrial tycoons. Owning Silovye Mashiny today is Interros, one of the largest Russian-based private capital investment companies. Vladimir Potanin is its CEO
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