Southern Kuzbass to pay dividends for 1st time in several years
KEMEROVO. Oct 5 (Interfax) - Coal company OJSC Southern Kuzbass will be paying dividends for the 2010 and 2011 financial years in the amount of 606.94 rubles per share, having paid no dividends since at least 2007.
Southern Kuzbass is part of OJSC Mechel-Mining, which controls the Mechel mining and metal group's mining assets.
Company materials say the company's shareholders voted at an October 1 extraordinary meeting to use 21,916,128,165.98 rubles of undistributed profits for the dividends in line with a recommendation from its board of directors.
The payout will be made in cash not later than sixty days from the date that decision was made.
This past May, the Southern Kuzbass board of directors recommended that shareholders vote at their June 14 AGM not to pay dividends for last year. Whatever recommendations regarding the distribution of net profit might have been made were not disclosed. But in August, the board did recommend that shareholders vote at the October 1 EGM to use undistributed profits to pay dividends for financial years 2010 and 2011.
Southern Kuzbass earned net profits to Russian Accounting Standards (RAS) last year of 14.044 billion rubles versus 10.821 billion rubles the year before. The company's net profits plummeted almost 91% year-on-year to 907 million rubles in the first half of 2012.
Southern Kuzbass is one of Russia's biggest coal companies - with three mines, four pits, four enrichment facilities, Tomusinskoye Motor Transport Office and several auxiliary enterprises.
The company's charter capital is 1,444,368.68 rubles split into 36,109,217 ordinary shares with par value of 4 kopecks. Mechel-Mining holds 96.6% of its stock.
