Ukrnafta postpones again AGM to approve debt restructuring

Ukraine’s leading crude oil producer Ukrnafta (UNAF UK) announced on Sept. 5 the cancellation of an AGM scheduled for Sept. 15 after its supervisory board failed to approve on Aug. 31 the AGM agenda. It was the second attempt to convene a meeting (the first was scheduled for July 7) at which shareholders were planning to approve the mid-term restructuring of Ukrnafta’s 2015 tax debt, which is now close to UAH 11 bln and exceeds its quarterly revenue.

Alexander Paraschiy: The company remains a hostage of misunderstanding between its two key shareholders, state holding Naftogaz with its 50%+1 share and private shareholders represented by Igor Kolomoisky, who own a 40%-plus stake and are also Ukrnafta’s key debtors. We see greater risk for the oil giant to remain a going concern.