Portfolio changes 2008
1) SINEK INVESTMENT & DEVELOPMENT LIMITED. Sinek formed a wholly-owned subsidiary in Isle of Jersey for the purpose of creating a vehicle to facilitate foreign investment into the Republic of Tatarstan.
2) SINEK INVESTMENT MANAGEMENT LIMITED. Sinek formed its wholly-owned subsidiary in Isle of Jersey to serve as the management company of SINEK INVESTMENT & DEVELOPMENT LIMITED.
3) Neftekhimproekt (Kazan Institute for development of oil industry). The Ministry of Land and Property Relations of the Republic of Tatarsatan transferred its 100% shareholding in Neftekhimproekt to SINEK due to issue of additional shares. The principal company activity is design and survey works for oil companies in Tatarstan and Russia.
Change of Ownership:
1) TKNK. Sinek's ownership in TKNK decreased from approximately 9% to 0% on September 9, 2008. The decline in ownership resulted from a decision of the TKNK shareholders to liquidate the company. Sinek realized a non-material loss on its investment in TKNK as a result of the liquidation.