Rivne Power Equipment Plant Plans Share Buyback

Shareholders of Rivne High-Voltage Power Equipment Plant (ROVA), at their AGM on June 18, approved a share buyback. A decision was not made on the volume or timeframe for the buyback to take place, though a release indicated the move would target former workers and retired employees. The company said the purpose of the buyback will be to optimize the company’s financial structure. Additionally, the AGM voted to reduce the plant’s supervisory board from five to three. Rivne High-Voltage Power Equipment Plant’s net income in 2006 was USD 521 ths (up from USD 2 ths in 2005). The company reported sales of USD 27.8 mln in 2006 (+5% yoy).