Saratovnefteprodukt may cut dividends for 2011 by 20%.
SARATOV. May 21 (Interfax) - The board of directors at Saratovnefteprodukt, part of TNK-BP , has recommended that shareholders vote at their June 21 AGM to pay dividends for 2011 of 97.3 rubles for all shares, which would be a 20.2% decrease from the 121.96 rubles paid out in per-share dividends for 2010, the company said.
Saratovnefteprodukt's share capital consists of 2,019,580 ordinary shares and 673,196 preferred shares with par value of 0.25 apiece. Thus, the total dividend payout for 2011 could be 262,007,105 rubles. Saratovnefteprodukt has yet to release a financial report for 2011.
Per the AGM meeting agenda, shareholders will address the standard issues and also approve interested-party deals and a new version of the company charter.
Saratovnefteprodukt sells oil products, commanding around 45% of the wholesale and around 43% of the retail market in Saratov Region. Its total storage capacity is approaching 500,000 cubic meters. The company's retail network includes ninety filling stations, with twenty of them in the city of Saratov.
OJSC TNK-BP Holding holds 60.03% of the company's charter capital (73.06% of its ordinary stock).