28 May 2013 11:55

TGK-11 might not pay dividends for 2012

NOVOSIBIRSK. May 28 (Interfax) - The board of directors of generating company OJSC TGK-11 has recommended that shareholders vote against paying out dividends for 2012 at their annual meeting on June 27, a company spokesman told Interfax.

The genco had a 227.1-million-ruble net loss to Russian Accounting Standards (RAS) last year, compared to 266 million rubles in profit the year before.

TGK-11 did not pay out dividends for 2011, either. Shareholders decided to earmark profit for the genco's investment program and reserve fund.

The list of individuals with the right to participate in the annual meeting was compiled on May 24.