Shareholders in Perm-based Mineral Fertilizers to discuss moving to UralChem's management on April 28
PERM. April 5 (Interfax) - The board of directors at Perm-based OJSC Mineral Fertilizers has made a recommendation that the company's shareholders, at a extraordinary meeting on April 28, vote in favor of transferring the enterprise's executive organ to a management company, OJSC UralChem Holding, the Perm-based company said in a statement.
The company is not divulging the terms of the deal prior to its signing.
The shareholders have also received a recommendation to approve several non-arms length transaction, the terms for which have yet to be released.
The shareholder register for taking part in the meeting closed on April 6.
According to official statements, UralChem controls 87.7% in Mineral Fertilizers' charter capital. For instance, UralChem Holding owns 43.4232% while Uralchem Freight Ltd holds 44.27%.
OJSC UralChem Holding increased its stake in Perm-based Mineral Fertilizers at the end of January from 2.195% to 43.4232% by purchasing a 41.2% stake from TAIR Invest (a structure close to SIBUR). TAIR Invest said the end of the sale of 51.22% in the enterprise. The buyer of the 10% stake has yet to be identified.