IDGC South to reinvest 2011 net profit
MOSCOW. May 4 (Interfax) - The board of directors of OJSC IDGC South has recommended that shareholders at their annual general meeting on June 18 waive dividends for 2011, the company reported.
The board is recommending that the company's net profit of 177 million rubles be reinvested in the development of power grid infrastructure in southern Russia, an official at the company told Interfax.
IDGC South did not pay dividends for 2010 because it posted a net loss for that year of 3.59 billion rubles.
Shareholders will also be asked to approve the annual report, elect a new board of directors and audit commission, confirm the independent auditor, and approve remuneration for board directors.
The register of shareholders eligible to vote at the meeting will be closed as of May 8.
IDGC South's charter capital of 4,981,109,606.40 rubles is split into common shares with par value of 0.10 rubles each.
IDGC South, which has been in operation since June 28, 2007, is responsible for the areas covered by Rostovenergo, Astrakhanenergo, Kalmenergo, Volgogradenergo and Kubanenergo. IDGC Holding owns 51.65% of the company.