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PAVA OAO Ceases Production Activity and Transfers Business to Subsidiaries-Interfax


Tuesday, 21 May 2013 12:31am EDT 

Interfax reported that PAVA OAO has ceased production activities and transferred the entire business and the staff to the subsidiaries, says the Company's report for the first quarter of 2013. According to the document, in the first quarter, the Company reduced net income by 80 times, up to RUB 22,000. Revenues decreased by 32 times and reached RUB 19.8 million. This is explained by the reform of the corporate structure of the holding, which was conducted from 2011 to 2012. As previously reported, the changes in the structure of Pava OAO began in 2010. As a result three subsidiaries were set up, grain, trading and processing. In 2011, to the group of companies was enlarged by Torgovyi Dom Pava OOO, which includes divisions in Khabarovsk and Vladivostok, converted from the branches of the Company. In April 2012 as part of the reorganization of the management structure the Company decided to close four branches: Rebrikhinskiy flour mill, Mikhaylovskiy flour mill, Kan elevator and SPP Romanovskoe. It was planned that the branches will have the status of legal entities and become more self-sufficient entities, at the same time remaining subsidiaries of Pava OAO. 

Company Quote

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17 Oct 2008