The extraordinary shareholders' meeting held on October 28, 2009, approved this decision, fulfilling the resolution adopted earlier at the meeting on April 28, 2009, as reported by the company's press service. The meeting also amended the charter to bring it in line with the requirements of the updated Law of Ukraine "On Joint Stock Companies," effective since April 2009.
In addition, the meeting participants decided to fully terminate the powers of the board of directors. This body was replaced by a management board, which became the new collegial executive body.
JSC "Automobile Company "Bogdan Motors," formerly known as OJSC "Lutsk Automobile Plant," is part of the "Bogdan" corporation. The company's authorized capital amounts to UAH 1.082 billion.
The "Bogdan" corporation was founded in February 2005 to implement investment initiatives to create production facilities in Ukraine for the manufacture of various vehicles. Today, full-scale production of Lada and Hyundai passenger cars has been established here. In June 2008, the corporation launched a plant in Cherkasy specializing in the production of passenger cars, investing more than $330 million in this project. According to the results of 2008, the corporation increased production of passenger cars by 63.4% compared to 2007, reaching 88,316 units, while bus output grew by 16.1% to 3,775 units.
