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Chisinau Tobacco Plant Tutun-CTC will direct all its net profit for 2021 to the Enterprise Development Fund.

Chisinau Tobacco Plant Tutun-CTC will direct all its net profit for 2021 to the Enterprise Development Fund.

This decision was made during the regular annual meeting of its shareholders. It is tentatively agreed that Tutun-CTC's 2022 net profit will also go to the Enterprise Development Fund and no dividends will be paid. The shareholders also elected members of the Tutun-CTC Board of 5 members for a period of 3 years: Arif Franck Charles, Al-Bayati May Ibrahim Arif, Angela Lupu, Artur Pui and Valentin Cenus. During the annual meeting, Tutun-CTC shareholders reviewed the results of the company’s financial and economic activities for the past year, reviewed and approved the report of the company’s Council and the Audit Commission for 2021. As previously reported, from March 1, 2019, the owner of 90.81% of Tutun-CTC shares CTC was Le Bridge Corporation Limited, which acquired a state-owned 90.81% stake in Tutun-CTC in a commercial tender. In general, 167.76 million lei were paid to the state budget for these shares, taking into account taxes and fees. The contract for the sale and purchase was signed on January 11, 2019. According to the terms of the contract, the buyer undertook to develop and improve the efficiency of the company by introducing technologies and modern equipment; maintain the profile of the company and its trademarks, maintain the number of jobs and ensure the safety of labor activity; apply legislation in the field of environmental protection and restrictions in this area, stipulated by the state. JSC Tutun CTC with an authorized capital of 111.82 million lei is one of the largest enterprises in Moldova. The joint stock company was established in 1998 on the basis of the Chisinau Tobacco Plant. Tutun-CTC is engaged in the import, production (more than 20 brands) and sale of tobacco products. Le Bridge Corporation Limited is owned by French citizen Arif Franck Charles, it specializes in the distribution of various goods in Moldova and owns a chain of duty free shops. The amount of Tutun-CTC's net profit for 2021 and other results of the financial and economic activity of the enterprise are not provided by the company. // 03.08.2022 — InfoMarket.

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