22 Jun 2009 16:01

OGK-3 shareholders waive 2008 dividends, vote against charter capital reduction

MOSCOW. June 22 (Interfax) - Shareholders in Russia's Wholesale Generating Company No. 3 (OGK-3) voted at their annual general meeting on Monday to waive dividends for 2008 and spend 4.255 billion rubles of last year's net profit on the repayment of losses from previous years.

The shareholders also voted to spend 650 million rubles of the 7.267 billion rubles in total net profit earned last year on support to social institutions and another 361 million rubles on a reserve fund. The company will also spend 2 billion rubles on investment projects.

The OGK-3 shareholders also voted against a reduction in charter capital by 1.966 billion rubles, or about 4% of total charter capital, via the redemption of treasury shares bought up from shareholders opposed to the company's reorganization in 2008.

The company had planned to sell the shares at market price before February 2009, but did not manage to do so.

The shareholders also elected an eleven-member board of directors.

Interros representatives elected to the board include Anton Chyorny, deputy head of investment, and Yanis Zenka, head of the accounting and the property structure departments.

MMC Norilsk Nickel representatives include Dmitry Kostoyev, head of the economics and investment policy department, Kirill Parinov, head of the corporate, property and legal affairs department, Alexander Orelkin, chief specialist in the property rights realization department, Oleg Pivovarchuk, first deputy general director, and Oleg Surikov, director of the corporate department.

Other board members include Maxim Sokov from United Company RUSAL, Sergei Emdin from Irkutskenergo , Vladislav Solovyov from En+ Management and Natalya Gololobova from TNK-BP .

The shareholders also approved the company's annual financial report. The company reported earlier that net profit under Russian accounting standards (RAS) more than tripled to 7.231 billion rubles in 2008. Sales revenue increased 15.7% to 38.2 billion rubles in 2008, while sales profit grew almost 50% to 3.56 billion rubles.

KPMG was approved as the company's auditor for 2009.

MMC Norilsk Nickel is the strategic investor in OGK-3 with a 65% stake.

OGK-3 includes the Kostroma, Pechora, Cherepetsky, Kharanorsk, Gusinoozersky, and Yuzhnouralsky power plants with capacity of 8,500 megawatts.