Ukraine cabinet increases Naftogaz authorized capital

May 30, 2014

The Cabinet decided to increase the authorized capital of NJSC Naftogaz of Ukraine by almost UAH 22.3 billion, Ukrinform has reported. A relevant resolution of May 29 was published on the government portal.

“To increase the authorized capital of the National Joint Stock Company Naftogaz of Ukraine by UAH 22.3 billion through the issuance of additional shares of the current nominal value with preserving 100 percent of the shares in state ownership," the document reads.

The Energy and Coal Industry Ministry should take a decision about partial placement of additional shares of Naftogaz. The acquisition of these shares will be effected by exchanging them for domestic loan bonds issued pursuant to this resolution.

The Finance Ministry needs to issue the government bonds for the relevant amount with circulation up to 7 years and the interest rate at no more than 14.3% per annum and enter them on behalf of the state as payment for additional stocks of Naftogaz.

Copyright: Ukrinform, 2014