Kazanorgsintez triples dividends for 2015 to 3.23 rubles/common share for 2015
KAZAN. April 22 (Interfax) - The shareholders of Kazanorgsintez voted at their annual general meeting on Friday to pay out dividends of 3.2261 rubles per common share and 0.25 rubles per preferred share for 2015, the Russian petrochemical company said in a statement.
Shareholders decided to set aside 5.8 billion rubles for dividend payments and 78.8 million rubles for payment of remuneration to board directors. They decided to use remaining net profit to pay down loans and finance the company's investment program.
The list of shareholders eligible to receive dividends will be compiled as of May 12.
The company paid out 1.0105 rubles per common and 0.25 rubles per preferred share for 2014. Dividends on common shares will therefore increase by 220% for 2015.
Kazanorgsintez traditionally pays shareholders 30% of net profit to Russian Accounting Standards, which surged 220% to 19.3 billion rubles in 2015.
Shareholders also elected the new board of directors. Newcomers to the board include Ipco-Trading S.A. executive director Milic Zeljko and Rappoport and Partners' Alexander Rappoport, who previously held a seat on the Nizhnekamskneftekhim board of directors.
The incumbents who were not reelected to the new board are Interpetrol SA shareholder Naim Mujichich (who previously held a seat on the Nizhnekamskneftekim board) and deputy head of TAIF's production and commercial department Albert Sulteyev.
