Daily monitor

The National Bank of Ukraine will implement a direct FX interbank market in Ukraine, according to NBU Chairman Vladimir Stelmakh.

Concern Galnaftogaz [GLNG UZ, Speculative BUY] released selected 1Q08 consolidated financial results under Ukrainian Accounting Standards.

Electricity distribution company Khersonoblenergo [HOEN] decided not to pay out dividends for 2007 during its AGM held Thursday, May 29. Shareholders decided to direct 95% of the company’s USD 0.043 mln FY07 net income to business development and 5% into the company’s reserve fund.

The National Electricity Regulatory Commission (NERC) approved a 30% nuclear electricity price appreciation starting June 2008, sending the price for nuclear electricity to USD 29 per MWh. This implies a nuclear electricity price appreciation of 70% YtD from USD 17 per MWh in the beginning of the year.

The National Electricity Regulatory Commission (NERC) has approved an industrial electricity tax appreciation of 4-5%, beginning in June. Low voltage industrial electricity consumers will see a tax increase of 4% to USD 96 per MWh and high voltage industrial electricity consumers will be handed a 5% increase to USD 73 per MWh.

Electricity distribution company Prykarpattiaoblenergo [PREN] announced a dividend payout of USD 0.3mln during its AGM Thursday, May 29. The company is directing 30% of its USD 1 mln net income for FY2007 to dividend payout, implying USD 0.003 per share.

The official USD:UAH exchange rate has been reset at 4.852 for May 30, a 0.002 point increase. At the same time, the EUR:UAH FX rate dropped to 7.545 from 7.593 and the RUR:UAH FX decreased to 0.202 from 0.206 Thursday. The last time the NBU changed the USD:UAH rate was May 21, 2008 and, before that, April 21, 2005.

The Ukrainian government has prolonged its anti-dumping probe terms for the import of medium-diameter pipes.

The May 29 AGM of Yasinovka Coke [YASK UZ, N/R] shareholders decided not to declare dividends on common shares for 2007.

Electricity distribution company Lvivoblenergo [LVON] failed to hold an AGM scheduled for May 27 due to lack of quorum. LVON has not held an AGM since 2001 due to the long-standing corporate conflict between joint shareholders Privat group and Surkis group ca. [22%] and Energy Standard group, which holds ca. 38% of the company.