At today's extraordinary general meeting of "Bakelektroqaynaq" shareholders the supervisory board consisting of 3 persons representing the main shareholder "Baku Steel Company" (BSC) was formed. The supervisory board chaired by Emin Rasulov also includes Anar Mirzoev and Ariz Hajiyev. Note that Emin Rasulov is the chairman of the board of "Az?rt?krarqarametal", which is another affiliate of BSC. The supervisory board of "Bakelektroqaynaq" was abolished about 10 years ago due to the minimum number of shareholders (less than 50). At present, the number of shareholders is 37 legal entities and individuals. BSC owns over 98% of "Bakelektroqaynaq"s shares. Instead of Suleyman Mammadov, brother of Rasim Mammadov (former chairman of BSC), Khagani Pasha oglu Asadov was elected as the director of "Bakelektroqaynaq" JSC. The general meeting also made changes in the charter of JSC, according to which, agreements exceeding 5% of net assets are considered to be deals of special importance. Previously such agreements were considered to be agreements to the amount exceeding 25% of the net assets of the JSC. Remind that BSC's steel plant operates on property and other assets leased from "Bakelektroqaynaq" JSC, including a land plot of 30 hectares in Narimanov district of Baku. The value of the lease agreement is about 300.000 manats. Unpaid losses of "Bakelektroqaynaq" exceed AZN 17 million.
Source: Turan News Agency