13 May 2014 13:19

Belon board recommends no dividend for 2013

KEMEROVO. May 13 (Interfax) - The board of directors of Belon from Kemerovo region, a coal miner in the Magnitogorsk Iron & Steel Works (MMK) group, has recommended no dividend for 2013, Belon said in materials.

Shareholders will vote on the recommendation at the AGM on June 26.

Belon swung to a net loss of 1.975 billion rubles in 2013 under Russian accounting standards compared with a net profit of 7.743 billion rubles in 2012.

If the recommendation is approved, it would be the fifth year in a row that Belon has paid no dividends.

The register of shareholders for the AGM will close on May 23.