OREANDA-NEWS. September 11, 2009. Shareholders of Yenakieskiy Steelworks < ENMZ UZ U/R > voted not to pay 2008 dividends at AGM on September 10.  The part of net profit in the amount of UAH 0.686mn was directed into reserve fund. The balance of UAH 406.9mn was left as undistributed profit. As Mr. Podkorytov, CEO of the Company, declared the undistributed profit will be used for modernization program.

This news was expected, therefore Millennium Capital sees it as NEUTRAL. Shareholders decided not to risk making cash outflow from the company in such unstable time. Especially considering UAH 1bn Company’s modernization program

Millennium Capital is an integrated financial services provider. Established in 2000 by a group of professionals with solid background in securities and corporate finance, Millennium Capital is now one of tickets selling for its flights due to high arrearage to the creditors of the company.