The Board of Directors of AvangardCo IPL, the holding company of Ukraine's largest egg producer Avangard, has approved the payment of dividends to minor shareholders in the amount of $4.625 per share, for a total of $6.6 million.

According to a report issued by AvangardCo on the website of the London Stock Exchange, the decision was made at an extraordinary shareholders' meeting on February 26.

Dividends worth $22.9 million to major shareholders will remain on the company's balance sheet and should be paid at their request at a later date.

The exact date of the paying of the dividends to minority shareholders will be determined by the board and will be announced later.

As reported, Avangard in October last year decided to pay 12.5% of net profit for 2013 in dividends, or $29.5 million based on $4.625 per share.

Avangard is a vertically integrated holding company, specializing in the production of eggs and egg goods. It is the largest player in the Ukrainian egg market.