Yekaterinburg Electric Grid will reinvest most of 2011 net profits
The company, which is a subsidiary of IDGC Urals, had net profits in 2011 of approximately $33.01 million. Yekaterinburg Electric Grid will pay out 1.5 percent of the net profits, approximately $492,659, for 2011 dividends. In 2010, the company paid dividends of $0.0004 per ordinary share, Interfax reports.
Shareholders approved the company's accounting statement, profit-loss report, annual report and three member auditing commission. The company also confirmed LLC Vash Audit as its auditor.
The Yekaterinburg Electric Grid Company was set up in 2001 as OJSC Sverdlovenergo was being reorganized. The company started operations in 2002. The company's charter capital is approximately $33.29 million split into shares with a par value of $0.0309. IDGC Urals is the owner of 91.04 percent of the company's stock, according to Interfax.
The Yekaterinburg Electric Grid Company services multiple areas, including Yekaterinburg, which has a regional population of 1,336,000. The grid facility employs 580 workers.
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