Galnaftogaz EGM approves 11.4% charter fund increase

Galnaftogaz (GLNG) shareholders, at an EGM yesterday, approved an 11.4% charter fund increase to UAH 195 mln via an additional share issue, Interfax reported yesterday. The amount of the charter fund increase was 11.4%, not 16.7% as planned, due to the fact that not all shareholders subscribed to the placement. Galnaftogaz announced in July that it signed a deal with the European Bank for Reconstruction and Development that envisioned a USD 50 mln capital injection by the EBRD to Galnaftogaz. This share issue was the first stage of the injection; a second stage is planned to be completed in 2010.