Extraordinary meeting of Board of Directors of Power Machines held on January 28, 2008 concluded to call extraordinary general meeting of shareholders on March 17, 2008.
Approval of agreement of purchase and sale of common shares of Kaluga Turbine Works (JSC KTZ) is going to appear on the agenda of the meeting.
It is supposed that 260.178 registered common shares of JSC KTZ will be purchased that is 38,5% of total amount of outstanding stock or 50,32% of outstanding registered common shares and 100% of all outstanding registered common shares of JSC KTZ are supposed to be purchased in future (as per Act 84.2, Joint Stock Companies Act of Federal Law).
On September 26, 2007 Federal Antimonopoly Service approved Power Machines’ application for purchase of 100% of KTZ shares.
The agreement of purchase and sale of common shares of JSC KTZ aims at effective development of Power Machines in the field of small-scale power generation and at expansion of the company’s possibilities to supply products with capacity up to 80 MW. Within the framework of integration steam turbines of low and medium power, feeding pumps and other auxiliary equipment were chosen the most prospective products.