Milkiland to reinvest all 2011 profits in business
KYIV. July 3 (Interfax) - The shareholders of Milkiland, a dairy group with operations in Ukraine and Russia, voted at their annual general meeting at the end of June to waive dividends and reinvest all of the company's 2011 net profit of EUR14.8 million in the business, the company said in a statement.
Shareholders also authorized the board of directors to buy back up to 50% of shares on the stock market or by other means. In the latter case, the price is not supposed to exceed 10% of their market price. The duration of this authorization is 18 months from the date of the AGM.
Authority to issue shares and grant rights to buy them has also been delegated to the board.
Milkiland includes ten processing plants in Ukraine, and the Ostankino Dairy Plant in Russia. The company has total capacity to process more than 1.1 million tonnes of milk annually.
Milkiland placed 22.4% of its shares in an initial public offering on the Warsaw Stock Exchange in November 2010.
The company closed 2011 with net profit down 32.7% to EUR14.8 million on revenue up 9% to EUR279.76 million.