Agro-industrial holding Astarta, Ukraine’s largest sugar producer, wants to keep EUR 61.84 million in net profit for the financial year 2017 undistributed. This decision is on the agenda of a meeting of the holding’s shareholders scheduled for May 25.
In addition, the shareholders will consider the re-appointment of Viktor Ivanchyk, Viktor Hladky and Marc Van Campen as board members, along with the appointment of Gilles Mettetal as non-executive director and resignation of Vladyslav Bartoshevsky as non-executive director and deputy chairman of the board of directors.
Another issue on the agenda is the appointment of Zeljko Erceg as Chief Operating Officer of Astarta Kyiv LLC. He will temporarily head the company in case the entire board is temporarily unable to perform duties.
In addition, the shareholders may decide on the prolongation of the buyback program for another 18 months (from the date of the shareholders’ meeting). The company can buy out no more than 2.5 million shares at a price not higher than PLN125 per share.
The agenda also includes the issue of authorizing the board of directors to organize the issue of shares to the amount of up to 10% of current issued and paid-in share capital, as well as the restriction or cancellation of any existing pre-emption rights in shares. All actions are carried out within one year, starting from the date of the annual meeting of shareholders whose permission cannot be withdrawn.
Ukrainian producers in March 2018 exported 47,200 tonnes of sugar, which is 15% more than in the previous month. According to the press service of Ukrtsukor, the main deliveries in March were carried out to the former Soviet Union states and Africa.
“Some 50% of all supplies in March were made to Uzbekistan. In quantitative terms this is 23,500 tonnes. In addition, shipments to Turkey amounted to 7,900 tonnes, Somali to 3,700 tonnes, Tajikistan to 2,900 tonnes, Benin to 1,800 tonnes and other countries to 7,300 tonnes,” the head of the Ukrtsukor analytical department, Ruslana Butylo, said.
Sugar exports in September-March of the 2017/2018 marketing year (MY) amounted to 338,100 tonnes. As reported, sugar production in the 2017/2018 MY grew by 6.5% and is 2.14 million tonnes of sugar. Some 46 sugar refineries were operating during the season. According to the forecasts of the association, the area under sugar beets in 2018 will be about 285,000 hectares.
