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Articles & publications
10.06.2010
NWT to pay out 9M10 interim dividendsInterfax
North-West Telecom (RTS: SPTL) could pay out dividends for the first nine months of 2010, the company’s corporate secretary Nikolai Bredkov said during an Internet conference.
“The Steering Committee of Svyazinvest issued a recommendation on May 25 to the boards of directors of the companies slated for the merger with Rostelecom to pay out interim dividends for the first nine months of 2010”, he pointed out.
The size of dividends is proposed to be set at the level of 15% of the company’s net profit for the first nine months of 2010 on common shares and at the level of 10% for preferred shares.
Nonetheless, this issue has not been examined and is not included on the agenda of the upcoming board of director meeting of NWT”, Mr. Bredkov went on to say.
NWT did not pay out any interim dividends in 2009.
Nikolai Bredkov also emphasized that in the event a positive decision is adopted on the reorganization of NWT in the form of a merger with Rostelecom (RTS: RTKM) 2010 dividends will be paid out already by the merger company, whose common shares the shareholders of NWT will receive at the beginning of 2011 after the conversion process is carried out.
“By and large, the plan is that the dividend policy of the merged Rostelecom will be the same as the current policy of Rostelecom, which is in line with international corporate standards”, he said.
North-West Telecom is the incumbent fixed-line operator in the North-West region of Russia. The majority shareholder of NWT is Svyazinvest, which owns 39.528% of the company’s charter capital (50.76% of its voting shares).
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