The FINANCIAL — The Cabinet of Ministers of Ukraine has approved the increase in the share capital of Joint Stock Company The State Export-Import Bank of Ukraine (the JSC Ukreximbank) out of funds from 2008 State Budget of Ukraine.
In accordance with the Resolution by the Cabinet of Ministers of Ukraine of 26.11.2008 No1031, authorised issued share capital of the JSC Ukreximbank shall be increased by UAH 999,999,258.75 to UAH 3,062,633,024.25.
Earlier this year, share capital of Ukreximbank has been already increased twice, through capitalisation of profits gained by the Bank in 2007 and out of funds from 2008 State Budget of Ukraine.
Also, in compliance with Law of Ukraine of 31.10.2008 No639-VI "On priority measures to prevent negative effect from financial crisis and on amendments to certain legislative acts of Ukraine", Ukreximbank shall capitalize its FY2008 net profit as well as past-period retained earnings, in the amount of no less than UAH 500 million.
The Cabinet of Ministers of Ukraine (the Government) owns 100% shares of the JSC Ukreximbank, being the Bank’s sole founder and shareholder.