VSMPO-Avisma to pay record dividend to 533.91 rubles a share for 2013
MOSCOW. June 9 (Interfax) - Shareholders in VSMPO-Avisma voted at their annual shareholders meeting to accept a dividend of 533.19 rubles per ordinary share for 2013, the titanium producer's press office told Interfax.
The register of shareholders entitled to the dividends closes on June 17.
The total payout will exceed 6.1 billion rubles or 82.6% of net profit to Russian Accounting Standards (RAS), which grew 1.6% to 7.451 billion rubles last year.
VSMPO-Avisma paid a total of 3.226 billion rubles at 279.83 rubles a share for 2012.
VSMPO-Avisma has 11,529,538 issued ordinary shares, par value 1 ruble each.
This is the second year running that the company has broken its own dividend record. Russian companies have tended to be generous following costly transactions by their shareholders. Power Machines , which had never paid dividends, suddenly paid 17.3 billion rubles out of retained earnings for 2013 after a firm controlled by Alexei Mordashov bought minority shareholders out, easily covering the majority shareholder's costs.
Shareholders elected a seven-seat board, which includes: Mikahil Voevodin (the CEO), Andrei Zokin (Gazprombank Vice President), Nikolai Melnikov (First Deputy CEO), Vladimir Tankeev (advisor to the CEO), Vladislav Tetyukhin (advisor to the CEO), Sergei Chemezov (Rostec chief, who led the previous board of directors) and Mikhail Shelkov (head of the board's investment committee). Eight candidates were nominated, but Rostec Deputy CEO Vladimir Artyakov was not elected to the board.
CJSC KPMG was selected to audit the company in 2014.
Gazprombank reduced its stake in VSMPO-Avisma to 0.28% from 15.55% in February 2014, selling the stake to top management at the corporation. Gazprombank Vice President Andrei Zokin said the sale price was "a little over the current market quotes." The day before the deal was announced the stake was workth 14.35 billion rubles on the Moscow Exchange . Sberbank provided management with the loan to buy the VSMPO-Avisma shares.
After the deal in February, company management increased its stake in VSMPO-Avisma to 65%.
Rostec owns a blocking stake in the company.
