At Annual General Assembly
Gives Rls 1020 Dividend to Each Share
The National Iranian Copper Industries Company has distributed Rls. 1020 in
cash interest for each share. According to the National Iranian Copper
Industries Company News Agency (Mess Press), the annual meeting of the
General Assembly and the extraordinary session of the General Assembly of
the National Iranian Copper Industries Company was held at Razi Conference
Hall on June 8 in the presence of over 80 percent of natural and legal
shareholders, members of the board of directors, the legal inspectorate and
representative of the Stock Exchange Organization.
Assembly's Board of Directors:
line with Article 101 of the amendment of the Trade Law approved on the 24th
of the Iranian month of Esfand in 1347 (15 March 1968) and Article 22 of the
Letter of Association, Dr. Mohamamd Javad Sheikh, on behalf of the
association of Saham-e Adalat (Justice Share) investment companies was
elected the chairman of the assembly; Saeed Torkzadeh, on behalf of the
Iranian Mines and Mining Industries Development and
Renovation Organization (IMIDRO) and
Kiarash Mehrani, on behalf of the Retirement Fund Institute of the staff of
the National Iranian Copper Industries Company as observers and Behrouz
Rahmati as secretary of the assembly.
Promising More Profits:
continuation of the session, Engineer Poustindooz, Managing Director of the
National Iranian Copper Industries Company, presented a report on the
process of activities of the company and the future prospects.
promised the shareholders that once the development plans of the company
become operational as of the next year, the amount of their shares' interest
Stressing that the year 2012 was a special year for the country's economy as
well as for the National Iranian Copper Industries Company, Engineer
Poustindooz, said: "In that year, on the one hand we were faced with decline
in prices at the London Metal Exchange (LME) and on the other with
increase in operating costs due to the fluctuations in the foreign exchange
"Also, with regard to the increase in the operational age of Sarcheshmeh
copper mine, we were faced with decrease in standard purity. However, we
managed to resolve the problem thanks to the efforts of the colleagues and
increase in tonnage of the yield."
said: "Despite all such problems in the international field, the sanctions
and foreign exchange rate fluctuations, my colleagues at the National
Iranian Copper Industries Company exerted their utmost efforts to preserve
the interests of the shareholders by safeguarding the anticipated profits."
added: "As of 2013, development projects of the Copper Company are to be put
into operation and as a result the company's revenues and profits of the
shareholders will increase."
Following the managing director's report, the annual General Assembly
started to its work based on the agenda.
Approval of Report by Board of Directors and Legal Inspector:
The report by the
board of directors and the legal inspector on the performance of the board
of directors, financial balance sheets and its annexed notes for the fiscal
year ending 20 March 2013 was read and after notifications of the board of
directors and the legal inspector, the General Assembly approved by majority
of votes the report by acknowledging the performance of the board of
directors, the financial figures and lists including the balance sheet, loss
and profit account, circulation of the loss and profit account
and circulation of cash amounts.
Distribution of Interests:
the General Assembly session, distribution of Rls. 1020 in cash interest for
each share was approved. Meanwhile, Donyay-e Eqtesad and Ettelaat newspapers
were chosen as the official gazettes of the company.
According to the report, members of the new board of directors were elected
and Tehran Province Investment Company, Sistan and Baluchestan Investment
Company, Retirement Fund of the staff of Copper Company,
Iranian Mines and Mining Industries Development and Renovation Organization
(IMIDRO) and Social Security
Investment Company were elected for a period of two years as the board of
directors of the National Iranian Copper industries company.
The National Iranian Copper Industries Company hosted its shareholders this
year while it registered the best records under the sanctions condition and
displayed a bright prospect to its shareholders on the implementation of
Registering a 38 percent growth in sales, 40 percent growth in operational
interest and 57 percent growth in net profit for each share after deduction
of tax-- while the country is going through a specific economic condition--
was only possible in the light of convergence and efforts of the elite
managers and personnel of the company.
What attracted the attention more than anything else in the annual General
Assembly was the shareholders' hope for implementation of development
projects and qualitative and quantitative growth of products. Once these
projects become operational, the company would guarantee a highly proper
productivity for its shareholders in the coming years.
Increase in Capital:
Immediately after the annual General Assembly wrapped up its work, the
extraordinary session of the General Assembly of the National Iranian Copper
Industries Company was held.
this assembly, the report by the board of directors and the legal inspector
on increase in the company's capital
was read and after hearing notifications by the board of directors, the
legal inspector and representative of the Stock Exchange Organization, the
assembly acknowledged performance of the board of directors and approved by
majority of votes increase in the company's capital.
According to the report, the assembly approved to increase the company's
capital by 101 percent that is to increase it from 17,368 billion rials to
35,000 billion rials out of cash deposits of the shareholders. On this
basis, the shareholders have the choice either to pay the increased amount
from dividend or otherwise receive the cash amount.
Review of the Company's Achievements
Putting into operation and commissioning of the leaching unit of Meiduk
and molybdenum of Sungun projects despite escalation of international
sanctions and different bottlenecks such as international
transportation, money transfer, delivery and release of commodities,
Receiving international statute from the International Energy Foundation
in connection with the project for the collection and annihilation of
Hitting production record in 2012 -- since the company became
operational till now:
*Total extraction of 163 million tons
* Sulfur ore at 38,731 tons
Hitting the highest value record of company's market share at over
101,000 billion rials since its shares were admitted and listed by
Tehran Stock Exchange in the year 2006
Hitting the highest price record for the company's shares at 8,240 rials
after increase in the capital (equal to 24,720 rials prior to the
increase in the capital)
Accomplishing an output of about 36 percent of the shares of the company
Hitting the highest value record of the traded shares at over 17,457,573
rials since 2006
Earning the first place of the biggest company in the Stock Exchange
Maintaining the position for the best liquidity rating among companies
admitted to the Stock Exchange as well as 50 more active companies