September 08, 2008

Novosibirsk Tin to double charter capital

Interfax reported that shareholders of Russia's biggest tin producer Novosibirsk Tin Combine approved a doubling of charter capital at a meeting on December 25th 2007. NOK is increasing charter capital to raise investment.

Novosibirsk Tin Combine will place 1.6 million RUB 250 shares totaling RUB 400 million. The shares will be sold in the placement for RUB 300 each. Thus, NOK expects to raise 480 million rubles. Cyprus registered Prescada Consulting Limited and Novosibirsk's Intes will purchase the shares.

NOK charter capital currently amounts to RUB 400 million split into 1.6 million ordinary shares with par value of RUB 250 each.

Depositary Clearing Company is the nominal holder of 83.9% of NOK shares.