No CEEN Dividends.
13 July 2008
CEEN decided at its AGM yesterday not to pay dividends from 2005 net income of $11.9 mln. Alexander Paraschiy: CEEN’s large net income was due to special (targeted) surcharges on its electricity tariffs (see our GenCos update, May 2006), which the company is not allowed to distribute as dividends. The company expects to receive $553m in net revenue for 2006 (42% growth yoy), which is in line with our forecast, and net income of $5.8m, which is lower than our forecast.
