JSC Academician M.F. ReshetnevInformation Satellite Systems

The first organizational meeting

First organizational meeting

It has been held the first organizational meeting for the enterprise leaders involved into the integrated structure. The chairman of the meeting was N.A. Testoeydov the acting NPO PM General designer and General director. The participants considered the basis principals of integration and confirmed all preliminary agreements, which were discussed during the preparation stage.

At the meeting there were also reviewed organization stages of the integrated structure with respect to form and administration, the points concerning preparation and privatization of property of the involved enterprises, taking into account the schedule defined by the President.

In the framework of this meeting each leader reported on financial and economic activities of the enterprise, underlined the problems which are necessary to solve with support of NPO PM as the prime enterprise.

The Head of Corporate Development Department, N. N. Chernov has commented the meeting results as follows: “The main topic that concerned all the leaders-participants touched the basis principals of integration. This is the foundation on which in future there will be built relationships between the participants of the integrated structure.

From our part we have provided the directors with guarantee to follow the achieved agreements and heritage. Being the prime we would like to have from them understanding and support. What will be the further event? By the beginning of next year it is foreseen to reorganize NPO PM Prikladnoi Mekhaniki and involved FSUE’s into Joint Stock Companies. The next step is to deposit into authorized capital of the Joint Stock Company Information Satellite Systems shareholding of the enterprises included into the integrated structure.
I would like to mention that we have a lot of experience with respect to privatization, state registration and securities issue. Actually the employees of my department performed the reorganization of our subsidiaries. At present the activities in order to privatize NPO PM have been arranged and are being accomplishing in accordance with the schedule defined by Rosimushchestvo. Nevertheless, there are still some questions that have to be studied thoroughly.”