Shareholders of JSC “Izmail Pulp and Paper Mill” (ICP, Odesa Oblast) are convening a general meeting to review the company’s performance for 2019–2025; specifically, they plan to consider the distribution of net profits or the procedure for covering losses incurred during those years.
According to an announcement in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the meeting is scheduled for September 30 of this year.
The draft resolutions, in particular, provide for leaving the following amounts of net income undistributed: 0.5 million UAH for 2019, 2.54 million UAH for 2020, 3 million UAH for 2022, and 2.74 million UAH for 2024.
Of the net profit for 2023, amounting to 13.95 million UAH, 11.3 million UAH is planned to be allocated to cover losses from previous years, while 2.67 million UAH will be retained as undistributed earnings.
At the same time, it is noted that the plant’s operations in 2021 were unprofitable (UAH 5.2 million), and the loss in 2025 (UAH 4 million) is planned to be covered by retained earnings from previous periods.
ICKK’s retained earnings as of the beginning of 2026 amounted to UAH 1.64 million.
Shareholders also plan to amend the company’s Articles of Association, specifically to bring certain provisions into compliance with changes in current legislation, as well as to repeal provisions regarding the procedure for forming and using reserve capital funds.
Accordingly, the agenda includes a motion to dissolve the reserve capital and allocate its funds to retained earnings.
There are also plans to re-elect the company’s supervisory board.
Among other things, the shareholders will consider the issue of initiating a preventive restructuring procedure and authorizing the chairman of the management board to file a petition with the commercial court to open such a procedure.
According to the National Securities and Stock Market Commission (NSSMC), as of the second quarter of 2026, Garelio Trading holds 23.9974% of the shares of JSC “ICKK,” Michele Participation Corp holds 18.0037%, Valtino Continental holds 14.39%, Vanair Limited holds 16.2504%, Melfort Trading holds 18.0037%, and Flink Investments holds 7.5%.
The Izmail Cardboard and Corrugated Container Plant produces corrugated cardboard, corrugated containers, and cardboard packaging. The main raw material is recycled paper.
The main consumers of the containers are enterprises in the food, dairy, liquor and spirits, fish, light industry, machine building, and metalworking sectors, and among its customers in 2025 were PTK Shabo, Olvia LLC, Fratelli Vaineri, Aquafrost, Yugfood, Promtehtorg, and OKZ PJSC (Shustov trademark). The plant’s products were also supplied to Moldova.
According to the company’s report, in 2025 the company reduced its net sales revenue by 5.7% compared to the previous year—to 250.5 million UAH.
CARDBOARD, Izmail Central Cardboard Plant, LOSS, RESTRUCTURING, SHAREHOLDER
