Pryvat Agrees to Replace Management of Ukrnafta
OREANDA-NEWS. January 20, 2011. Power and Coal Industries Minister Yuriy Boyko announced that Pryvat, a minority shareholder of Ukrnafta (c.43% stake), has agreed to replace the management of the company, as UkraNews has announced on Jan 19.
Millennium Capital considers the news as POSITIVE for UNAF. It demonstrates that the Government (50%+ stake) has reached an agreement with Pryvat on key issues concerning further development and operations of the company that imply a stronger government control over the company. In line with the news Millennium Capital does not see any threat that the upcoming AGM being scheduled for Feb 25, 2010 may fail. Millennium Capital expects the meeting agenda to be passed including the replacement of the Chairman of the Board and dividend payout for 2010 (exp. UAH 18.6 per share; ~3% dividend yield).
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