State-controlled Ukrgasbank (Kyiv) does not plan to pay dividends for 2019, according to the agenda of an annual remote meeting of shareholders, scheduled for July 7, posted on the bank’s website.
“Given the restrictions established by Article 31 of the law on joint-stock companies, payment of dividends on Ukrgasbank shares won’t be carried out in 2019,” the document says.
According to the agenda, the supervisory board proposes to distribute the profit received by Ukrgasbank in 2019 in the amount of UAH 1.29 billion as follows: UAH 128.9 million (10%) is to be allocated to the reserve fund, and UAH 1.16 billion (90%) to cover losses of the previous years.
Ukrgasbank was established in 1993. The state represented by the Ministry of Finance owns 94.9409% of the shares of the financial institution.
According to the National Bank of Ukraine (NBU), as of May 1, 2020 Ukrgasbank ranked fourth (UAH 148.589 billion) in terms of total assets among 75 banks operating in the country.
