16 Aug 2018 19:05

SIBUR planning 11 bln rubles in H1 dividends

MOSCOW. Aug 16 (Interfax) - Directors at PJSC SIBUR Holding are recommending dividends of 5.06 rubles a share or 11.023 billion rubles in total for the first half of 2018, the Russian petrochemicals giant said in a statement.

The dividend record date will be the eleventh day after shareholders approve the dividends.

The dividends will be put to the vote at an extraordinary meeting of shareholders in absentia on September 17.

The company's dividend policy envisages paying a minimum of 25% of distributable profits to International Financial Reporting Standards (IFRS), adjusted for exceptional non-cash income and expenditure. Net profit to IFRS fell 32% year-on-year in H1 2018 to 44.069 billion rubles.

SIBUR's principal shareholder is Leonid Mikhelson. In 2017 he bought a 17% stake in SIBUR from Kirill Shamalov - raising his stake to 48.5%. Gennady Timchenko holds 17%, Shamalov - 3.9%, CEO Dmitry Konov - around 3.5% and China's Sinopec and the Silk Road Fund - 10% each.