On March 21, Sinochem International held the 30th meeting of the 3rd Session of the Board of Sinochem International at Mingcheng Hotel in Pudong, Shanghai. The meeting, after examination, passed the resolutions of "2006 Annual Report & Summary", "2006 Company Board Work Report", "2006 Company Report on Financial Accounting" and "2007 Company Plan on Operation & Financial Budget Revised Proposal"
According to the announcement of Sinochem International board resolution, the company had achieved a net profit of 383,695,683.66 Yuan with dispensary profit for distribution to shareholders of 879,881,249.94 Yuan. The Board summated to make cash distribution of 1.5 yuan (tax inclusive) per 10 shares taking the total year-end capital stock of 1,257,693,750 shares as the basis to all shareholders.
The total profit for distribution would be 188,654,062.5 Yuan, taking 21.44% of the total dispensary profit for distribution. The remaining part of the dispensary profit of 691,227,187.44 Yuan would carry forward to next year.
According to the announcement, Sinochem International approved the following 2 affiliate transactions, approving Sinochem International Singapore Company, a wholly-owned subsidiary, to provide the fund of 30 million Yuan for the transfer of 20.69% of shares of Shanxi Sinochem Huanda Industrial Co. Ltd. held by Hong Kong Lifeng Industrial Ltd, the transferee; approving to provide the fund no more than 25 million Yuan to purchase all the shares of Hainan Sinochem Shipping Ltd. held by the Sinochem International Bidding Company, the transferee.
The announcement says that Sinochem International would hold 2006 general shareholders meeting at 9am April 27 for the examination of relevant proposals.
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