OREANDA-NEWS. January 18, 200. Regarding the reversal of the judgement related to Dneproenergo OJSC, the Supreme Economic Court of Ukraine (SECU) has delayed the judgement from the Economic Court of Appeal of Zaporozh’ye on the annulment of all the decisions made by the power generation company’s shareholders meeting of August 27, 2007.

Dmitriy TEVELEV, a member of Dneproenergo OJSC’s Executive Board, communicated the above to UNIAN.

According to him, the appeal was considered by the SECU on Friday, January 11. On the same date the related ruling was handed down, the appeal court judgement was halted before the main case proceedings could begin.

According to D. TEVELEV, the case has been re-scheduled for January 24.

As UNIAN informed, on 21 December 2007, in connection with the claim filed by the minority shareholder ‘Business-Invest’ Investment Company’ Ltd. the Economic Court of Appeal of Zaporozh’ye had invalidated all the decisions of Dneproenergo OJSC’s shareholders meeting of 27 August 2007.

At the meeting on August 27, the shareholders of Dneproenergo decided to increase the authorized fund by 52.07%, or by UAH 51’085’850 to UAH 149’185’800 due to the merger with Investment Company Ltd. The increase in the authorized fund will be fulfilled by the additional issue of 2 043 434 ordinary shares having an average value of UAH 25 each. After the increase, the company’s authorized fund will be divided into 5 967 432 shares with an average value of UAH 25.

Resulting from the additional issue of shares, Donbass Fuel-Energy Company Ltd. (DTEK, the majority owner of which is Rinat AKHMETOV) consolidates 44.28% shares in Dneproenergo OJSC. In particular, Investment Company Ltd. will gain control over a 34.24% shareholding (2.43434 million shares), and DTEK-affiliated Cyprus DTEK Holdings Limited will have its share reduced from 15.26% to 10.04% (598.895 thou. shares).