BorsodChem EGM approves withdrawal of shares linked to incentive program

Initiatives

The 3,173,025 employee shares with a nominal value of Ft 202 apiece account for half of a packet of shares issued for the incentive program under a decision at an EGM in September 2004. The program offered BorsodChem employees a special bonus linked to half of the shares if the company's new MDI plant was completed by April 30, 2006, and another bonus linked to the other half of the shares if the new plant is operated at 82% capacity in two quarters in a row by April 30, 2007. The new MDI plant started commercial operation at the end of November 2005. The EGM also approved amendments to the company's articles of incorporation. The changes were required to bring the articles in line with the Company Act. (Mti-Eco)

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