5 May 2012 13:07

Ufaorgsintez shareholders approve transfer of sole executive authority to UPC

MOSCOW. May 5 (Interfax) - Shareholders in OJSC Ufaorgsintez approved transferring sole executive authority over the plant to the management organization OJSC United Petrochemical Company (UPC) at an extraordinary meeting in the form of in-absentia voting, Ufaorgsintez said in a statement.

Russia's Federal Anti-Monopoly Service (FAS) has already given permission for UPC to acquire assets introduced by Bashneft and businessman Yakov Goldovsky. It gave the go-ahead for UPC to acquire 90.17% of voting shares in Ufaorgsintez (part of Bashneft), 100% of LLC Kornud, LLC Kornud Aktiv and CJSC Kornud-Tsian (all of which belong to Goldovsky).

UPC is a joint enterprise between Bashneft (74.99%) and Goldovsky (a little over 25%).