Shareholders also approved a resolution to pay a cash dividend of Ps $0.30 (thirty cents) per common share and elected members of the Board of Directors and the Examiners for the year 2004.In addition, in accordance with the latest modifications of Stock Market legislation, changes in Vitros Social Statutes were approved at the General Extraordinary Shareholders Meeting.The cash dividend will be paid April 14th, 2004, in exchange for coupon # 63, from the item Cuenta de Utilidad Fiscal Neta (After Tax Income Account). The dividend, therefore, is not subject to a withholding tax pursuant to the current Mexican Income Tax Law. In addition, Vitro´s business strategy, initiated several years ago and currently being implemented, was again endorsed by shareholders. The strategy calls for Vitro to focus on glass related businesses, to strengthen its financial position, maximize operational efficiency, reinforce its international presence, seek investment opportunities and joint ventures and continue the program to reduce costs through an alternative energy source technology.
As we continue to pursue this business strategy, we expect to see increasingly positive results in 2004, as we have seen in the most recent quarters , said Federico Sada, Vitros Chief Executive Officer.