The Board of Directors of Milkiland, a dairy group with assets in Ukraine, Russia and Poland, has proposed that shareholders at a general meeting scheduled for June 17 back non-payment of dividends for 2015.

The company said in a report on the Warsaw Stock Exchange (WSE), the shareholders will also approve a financial report for 2015, appoint external auditor and re-elect board members.

As reported, the negotiations of Milkiland, a dairy group with assets in Ukraine, Russia and Poland, on restructuring a syndicated loan of $58.58 million could be completed in the first half of 2016.

The company in September 2015 failed to pay on a syndicated loan worth $100 million.

Milkiland Group of companies is one of the largest dairy producers in Ukraine and Russia. In Ukraine the group has 10 plants, which produce a wide assortment of dairy products including cheese, fresh dairy products and butter. In Russia Milkiland produces dairy products at the Moscow-based OJSC Ostankino Dairy Plant. In the summer of 2012 Milkiland bought Masovia Province's Ostrowia cheese-making plant in Poland, and at the start of 2013 - OJSC Syrodel in Russia.