SCM to Reinvest Profits

      On April 14, ZAT SCM’s shareholders decided not to distribute its 2007 profit. Instead, they will use the funds for business development, according to the company press-service. The shareholders also approved the company’s financial statement for 2007.

      In 2007, SCM’s net profit – apart from the net profits of SCM Group’s companies – totaled 19.53 billion hryvnias.

      According to SCM director general Oleh Popov, the company plans to develop its traditional industrial business – energy and steel production – along with new business operations. It will pay special attention to the development of its financial institutions – banks and insurance companies – as well as to the real estate business managed by its affiliate ESTA Holding. “We’ll also commit significant resources into developing Segodnya Multimedia into an efficient publishing holding,” he added.

      The shareholders also approved an auditing commission’s report on the results of company’s 2007 audit.

      UNIAN reference: Donetsk-based ZAT SCM (System Capital Management) is Ukraine’s leading holding company. It owns and manages assets in mining and steel production, energy, telecommunications, banking, insurance, media, retail and other industries. SCM Group includes such names as: Metinvest Holding, Donbas Fuel and Energy Company, Farlep-Invest, Optima Telecom, SCM Finance, ZAT Segodnya Multimedia, TRK Ukraine, Ukrainian Retail, which all belong to SCM. Businessman Rinat Akhmetov owns 90 percent of SCM stocks.

      In 2006, SCM posted a net profit of 1.23 billion hryvnias.