Avdiyivka Coke fails to approve dividends for 2008

Avdiyivka Coke (AVDK) shareholders, at an AGM on August 7, decided not to pay out dividends for 2008 and will instead direct last year’s profits toward modernization. The plant set aside UAH 803 mln for this purpose and will transfer UAH 642 ths into its reserve fund. Andriy Gerus: This news is in line with our expectations as current market conditions make it unfavorable to pay out dividends.