20 Jun 2012 13:22

EMAlliance decides against paying dividends for 2011

MOSCOW. June 20 (Interfax) - Energy engineering holding OJSC EMAlliance will not pay dividends for 2011.

The necessary decision was made by the sole shareholder in the company, OJSC Power Machines , on Tuesday.

It was earlier reported that EMAlliance paid 500 million rubles in dividends for 2010 to its previous owner, Yevgeny Tugolukov's Auburn Investments Ltd.

EMAlliance produces and repairs boiler equipment for heat and power stations. It owns 77.33% of OJSC Taganrog Boiler-Making Works Krasny Kotelshchik and 100% of shares in Dguro Dgakovic, which produces boilers and heat exchange equipment. The company has branches in Taganrog, Podolsk, Barnaul and Ivanovo

Power Machines acquired a 100% stake in EMAlliance in February.