Agro-industrial group of companies “Ovostar Union”, one of the leading producers of eggs and egg products in Ukraine, intends to refuse accrual and payment of dividends for 2021, and direct retained earnings for this period in the amount of $1.65 million to replenish working capital funds.
The company’s shareholders are invited to approve such a distribution of profits at the annual meeting on August 3, according to Ovostar’s report on the Warsaw Stock Exchange on Wednesday.
In addition, shareholders of the agro-industrial group are invited not to pay remuneration to members of its board of directors for 2021, as well as to call a tender to select an audit company for the preparation of the company’s financial statements for 2022.
The Ovostar Union group of companies is a vertically integrated public holding company, one of the leading producers of chicken eggs and egg products in Europe. The manufacturer has been a certified exporter to EU countries since 2015.
The holding company of the group is Ovostar Union N.V. in mid-June 2011, it held an IPO of 25% of the shares on the Warsaw Stock Exchange and raised $33.2 million. The majority stake in the company is owned by Prime One Capital Limited, which is controlled by its CEO Boris Belikov and chairman of the board of directors Vitaly Veresenko.
At the end of 2021, Ovostar received $1.65 million in net profit, which is 38% less compared to 2020. Its EBITDA fell 29% to $5.7 million, while revenue increased 35% to $133.3 million.
