OREANDA-NEWS. September 17, 2008. The Supervisory Board of Dneproenergo (Zaporozhye city) decided to summon a general meeting of the company’s shareholders in October 2008. This became possible after recovery of the company’s register of the nominal securities holders.

This was stated in an official press release issued by Dneproenergo which is available in the IA NOVIY MOST.

For the first time since the start of the company’s restructure in 2003, the scheduled meeting will touch upon the performance results of 2007 and distribution of relevant profits.

‘The company’s operations are back to normal again. During the shareholders meeting, the results of Dneproenergo’s performance in 2007 will be approved and the key lines of performance in 2008-2009 will be defined’. The strategic development plan of the company for the next 5 years will be presented in September’, said Sergey Bedin, the Acting Chairman of the Board and Economy & Finance Director of the company.

Recovery of the register of the holders of Dneproenergo’s nominal securities will allow deployment of corporate governance in the company and raise large investments.

The Supervisory Board tasked the Executive Board of the company to elaborate the strategic lines of Dneproenergo’s generating capacity development up to 2020 and prepare the key vectors of the social policy in 2008-2009. These programmes will be developed with respect to regular capital investments from the company’s key investors - Pavlogradugol and Komsomolets Donbassa Mine - from 2008-2012.

Furthermore, a lot of other issues were considered in the course of the Supervisory Board meeting of Dneproenergo, incl. the results of its performance during the first six months of 2008, amendment of the company’s financial plan for 2008, implementation of the Collective Agreement for 2008 and establishment of a commission to develop the Collective Agreement for 2009.

Information: Dneproenergo is one of the largest energy generating companies in Ukraine that owns three thermal power plants Pridneprovskaya, Krivorozhskaya and Zaporozhskaya, with a total installed electric capacity of 8.185 GWh.
 
Following the performance results of 2007, the share of Dneproenergo in the thermal generation market was 22.76% (8.7% of total generation in Ukraine). In 2007, the company’s net profit amounted to UAH 121.938 mln. A stake of 50%+1 share is owned by NJSC Energy Company of Ukraine, a stake of 44% is held by DTEK, other shares belong to minor shareholders.