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. Last Updated: 07/27/2016

No Energo Dividend

YEKATERINBURG,Urals -- Russian power firm Sverdlovenergo approved not paying dividend for 1998 and increasing charter capital ten-fold via a revaluation of assets and a bonus share issue at its weekend annual meeting.

Shareholders voted Saturday to increase capital to 6,973,842,640 rubles ($283 million) from 697,384,264 rubles by issuing shares at the previous par value of 1 ruble and distributing new stock proportionally to present holders.

The board of directors of the utility, located in Russia's Ural mountains area, had recommended not paying dividends after an uncovered loss last year of 558.28 million rubles by domestic accruals accounting standards.