Public joint-stock company Ukrnafta has officially announced the general meeting of its shareholders scheduled for July 7, 2016 will not take place.

The company recalled that this is linked to the failure to hold a meeting of the company's supervisory board due to a lack of quorum. The board was to approve the agenda of the shareholders' meeting.

"The organization measures to hold the general meeting of shareholder cannot be finished on time due to time restrictions. Ukrnafta notifies that the extraordinary general meeting of shareholders for July 7, 2016 would not take place," the company said.

Naftogaz Ukrainy Board Chairman Andriy Kobolev said on June 30 that the holding is mulling the option of holding Ukrnafta's shareholders meeting without the necessity of agreeing it with the supervisory board.

Ukrnafta's shareholders were to discuss the financial readjustment plan and re-election of the supervisory board members on July 7.