Surgutneftegas to pay out 0.60 rubles on common, 2.15 rubles on preferred shares
MOSCOW. May 21 (Interfax) - The board of directors of Surgutneftegas on Friday recommended that shareholders approve dividends for 2011 of 0.60 rubles on common shares and 2.15 rubles on preferred shares, the Russian oil company said in a statement.
The market expected a more generous recommendation on common shares. The figure was well below the consensus forecast of 0.98 rubles, and even lower than all forecasts included in the Interfax consensus, which ranged from 0.69 rubles at Citi to 1.40 rubles at Otkritie.
The recommendation for preferred shares almost coincided with the consensus forecast of 2.21 rubles. Participants in the consensus forecast were very close to guessing the company's annual profit, 10% of which is allocated for dividends on preferred shares under the charter.
The company paid dividends of 0.50 rubles on common shares and 1.18 rubles on preferred shares.
Dividends for 2011 could total 38 billion rubles, up from 27 billion rubles for 2010.
The register of shareholders eligible to receive dividends closed on May 14. The annual general meeting will be held on June 29.
The board also recommended that shareholders appoint LLC Rosexpertiza, with which Surgutneftegas has worked for many years, as auditor for 2012.
