OREANDA-NEWS. Shareholders of UkrGasBank have held an AGM on October 10, 2007. The agenda included formalities concerning its recent share issue. The shareholders of UGZB had voted at the AGM on July 12 to increase the statutory fund by UAH 100mn (USD19.8mn) to UAH 500mn (USD 99mn) via an additional share emission at a price that is "not lower than nominal value of UAH1.00 (USD 0.20)". At the end of September, the Supervisory Board of UGZB decided to hold the second stage of the share issue at the price of USD0.99. UGZB reported to have received USD 13.2mn in emission income, implying that 16.7mn shares (USD 3.3mn) were sold on the second stage.

According to Millennium Capital's analysts, "the fact that UGZB raised USD 13.2mn in new share issue income makes the bank to look more undervalued, with its estimated P/B ratio falling from 4.3 to 3.9. So far we maintain our Hold recommendation."