23 May 2013 13:13

Fesco not planning dividends in medium term

MOSCOW. May 23 (Interfax) - The Fesco transport group is not planning to pay dividends in the medium term, the parent company OJSC Far East Shipping Co said in a presentation, seen by Interfax, for its debut exchange-traded bond offering.

Fesco last paid dividends for 2002, at 0.45 kopecks a share.

The board is recommending a dividend waiver for 2012 and asking shareholders to vote at their annual shareholders meeting on June 18 to reinvest last year's net profit of 865.526 million rubles. Fesco also re-invested 113.849 million rubles net profit for 2011.

Ziyavudin Magomedov's Summa Group owns 32.5% of Fesco, firms controlled by Mark Garber own 23.8%, TPG has 17.4% and 26.3% is in free float or owned by other minority shareholders.