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Kievenergo EGM: Three Key Shareholders Reach Agreement

Kievenergo EGM: Three Key Shareholders Reach Agreement

11 October 2008

Kievenergo’s (KIEN: BUY) current CEO Boris Yaschenko held on to his job following KIEN’s EGM yesterday, however the company’s shareholders voted to  give KIEN’s supervisory board the power to change the CEO. Unexpectedly, a new head of supervisory board was elected Oles’ Dovhyi, a 25-year-old secretary from the Kiev city council, close to Kiev’s mayor Leonid Chernovetskiy.KIEN’s 1H06 results were also released: the company decreased 1H EBITDA by USD 4.7 mln yoy, to USD 13.6 mln, and net income by USD 5.4 mln, to USD 0.3 mln. Alexander Paraschiy: The main reason for decrease in the company’s bottom lines is the roughly USD 26 mln in losses from heat supply (compared to about USD 8 mln a year ago). We expect the situation to change in 2007, with a new law obliging the government to compensate KIEN’s costs, and with Kiev council’s adoption of new tariffs. As the entire EGM program was supported by the company’s three main shareholders (the state, Kiev city and the Khmelnitskiy/Ivanov group), it is most likely that KIEN will continue operating Kiev power plants and heating networks. The final decision on this issue will be made on May 1, 2007, when the tender for the heating infrastructure operator will be held. So far KIEN’s management and supervisory board look optimistic about their prospects for this tender.

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