The national joint stock company Naftogaz of Ukraine, the sole shareholder of the oil transportation system operator Ukrtransnafta, decided to allocate UAH 1,519.3 mln hryvnias (100% of the net profit) for dividends for 2016, while it established that the payment of dividends should be made directly to Naftogaz, but not the state budget, as it was conducted in previous years, according to the message of Ukrtransnafta PJSC in the system of disclosure of information of the National Securities and Stock Market Commission (NSSMC), Ukrainian News reports.
The relevant decision was approved on April 14.
In the meantime, according to the part 5 of the article 11 of the Law On Management of State-Owned Properties, the societies, in which 50% or more shares are in the authorized capital of companies, which the state owns for 100%, pay not less than 30% of the profit to the state budget (proportionate to the government take).
Consequently, Ukrtransnafta fits under these criteria, because 100% of its shares belong to Naftogaz of Ukraine NJSC and 100% of shares are state-owned.