Kazanorgsintez boosts ordinary share dividend 190%
KAZAN. April 29 (Interfax) - Shareholders in Kazanorgsintez have accepted 2014 dividends of 0.25 rubles per preferred share and 1.0105 rubles per ordinary share, an Interfax correspondent reported from the petrochemicals company's annual shareholders meeting.
Kazanorgsintez paid 0.3458 rubles per ordinary and 0.25 rubles per preferred share for 2013. In other words, the ordinary dividend is set to rise 190%, while the preferred dividend will remain flat.
The record date for receipt of dividends is May 19.
The company will pay members of its board of directors and audit commission 32.3 million rubles, and 4.2 billion rubles will be allocated for loan repayments.
New board members elected at the AGM are Interpetrol SA shareholder Naim Mujicic and Damir Khairullin, who is the internal Russian republic of Tatarstan's deputy industry and trade minister. They replace Khamza Bagmanov, deputy general director of OJSC Generating Company, and Vladimir Busygin, deputy general director of OJSC TAIF.
Kazanorgsintez is one of the leading producers of polyethylene and polyethylene pipe in Russia, turning out over 170 types of chemical products. Telecom-Management, a wholly owned subsidiary of TAIF, owns a controlling stake in the company, and another 26.6% belongs to Svyazinvestneftekhim, which in turn belongs to the government of Tatarstan.
