Zhytomyroblenergo to Issue USD 19.8 mln in Bonds

Following the decision of its supervisory board, the electricity distribution company Zhytomyroblenergo (ZHEN: HOLD) will issue UAH 100 mln (USD 19.8 mln) in local bonds. According to the company, the attracted funds will be invested in the energy sector. Alexander Paraschiy: Zhytomyroblenergo’s investment program for 2008, approved by the regulator, is only USD 7.3 mln, half of which is going to be covered by the company’s D&A expenses. Therefore, the reason for issuing the bonds remains unclear.