Yekaterinburg grid co. to reinvest most 2011 net profits.
YEKATERINBURG. June 18 (Interfax) - The stockholders in OJSC Yekaterinburg Electric Grid Company, a subsidiary of IDGC Urals , voted at their AGM on June 13 for dividends for last year of 0.0148 of a ruble per ordinary share, and to reinvest the remaining net profits in the company, the company said in a statement.
Last year's net profits amounted to 1.071 billion rubles, and 1.5% of that (15.984 million rubles) will go to 2011 dividends. The company paid dividends of 0.0137 of a ruble for 2010.
The shareholders approved the company's annual report, accounting statement, including a profit-loss report, and a three-member auditing commission. LLC Vash Audit was also confirmed as auditor.
Yekaterinburg Electric Grid Company was set up in 2001 during the reorganization of OJSC Sverdlovenergo, and began operating in 2002. Its charter capital is 1.08 billion rubles split into shares with par value of one ruble each. IDGC Urals owns 91.04% of the company's stock.