CVRD shareholders to meet Apr. 27
Bnamericas Published: Tuesday, March 29, 2005
Rio de Janeiro-based mining giant CVRD (NYSE: RIO), the world's largest iron ore producer, will hold general and extraordinary shareholders' meetings on April 27, the company said in a statement to Brazilian securities regulators CVM. Shareholders will vote on a dividend payment of 1.28bn reais (US$465mn) and elect members to the company's board and finance committee. Shareholders will also vote on CVRD's investment budget for 2005 and a proposal to inject capital into the company. SHARE ISSUE CVRD wants to increase capital by 6.7bn reais using funds from the company's reserves rather than issuing new shares. The funds will be used for expansion and investments, legal reserves and fiscal incentives. This month CVRD reported record net profit of US$2.6bn for 2004 and record production from its iron ore mines and railroad logistics units.
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