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On behalf of the new shareholders, I wish to congratulate the present management of the Group, in particular, the current Executive Chairman, Mr Yeo Sek Chiong, and the previous shareholder, the Berjaya Group of Companies, in handing over a profitable Group. I also wish to thank all the previous Board members of the Company for all their contribution and effort in guiding the Group and its Management toward its current achievement.
The key rationale of acquisition of the Company by AgromashHolding B.V (“Agromash”) is the potential synergies from the client base of the Agromash Group in the Russian and CIS countries and the technologies and production capacities of Dunham-Bush Group. This gives Dunham-Bush Group the potential of becoming one of the most successful HVACR producers in Eastern Europe, Russia and CIS.
The Agromash Group expects Eastern Europe, Russia and CIS to be the key and promising markets for Company’s products. The Group plans to raise sales and profits by offering HVACR equipment, industrial and cooling machinery products and services for the following industries:
• Nuclear power generation and nuclear fuel production;
• Chemistry;
• Mining;
• Pharmaceuticals;
• Metallurgy;
• Food manufacturing.
The current shareholder has plans to make further investment in factories, new machineries, information technology, human resources and acquisitions to ensure the growth targets in sales and profitability could be achieved in the near future. Plans will be in place to bring the enlarged Group for listing in world class stock exchange as soon as the growth target has been achieved.
To achieve these plans and its objectives, it may be necessary to gradually introduce changes in the organization and management philosophy to the Group to better meet the new challenges ahead. I remain optimistic that with the continuing cooperation extended to me by the current management staff, the good attitudes shown and the readiness to face the new challenges posed by the changes to be implemented, we will be able to achieve and deliver satisfactory return and reward to our shareholders, employees, bankers, customers, creditors, investors and all the stakeholders of the Group.
VLADIMIR MELNIKOV
Chief Executive Officer
20 September 2007
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