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Articles & publications
11.05.2010
Svyazinvest not to disburse dividends, allocating profit to the restructuring – CEOInterfax
Svyazinvest does not intend to pay out dividends for 2009, but to use the profit generated to finance expenses associated with the restructuring, the general director of the holding Evgeny Yurchenko told Interfax.
This issue will be discussed with the government of the Russian Federation, but our position is that given the upcoming merger it would be advisable to allocate profit for the reorganization. This would have a much greater effect”, he said.
According to Evgeny Yurchenko, this issue will be up for review in June at the annual general shareholders meeting.
As reported earlier, the Ministry of Economic Development advised state-owned companies to allocate at least 25% of their net profit to dividends in 2010. This proposal was approved at a meeting held with first vice Prime Minister Igor Shuvalov in March.
This principle was applied to dividend payments for 2006 and 2007, although last year the agencies decided to cancel the 25% net profit threshold owing to the economic downturn. In justifying the size of dividends in 2010 the ministry will take into account information on the use of net profit which remained at the state company’s disposal in 2009.
Svyazinvest in 2007 paid the state 80% of net profit in 2007 and 100% in 2008, but no dividends were paid out in 2009.
The state holding’s 2009 RAS report has still not been published. The aggregate net profit of subsidiaries whose dividends mainly make up Svyazinvest’s profit stood at about RUR 28 bln in 2009.
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