Bashkirenergo may pay another 383 mln rubles in dividends for 2011
MOSCOW. May 2 (Interfax) - The board of directors at OJSC Bashkirenergo has recommended that company shareholders vote at their annual meeting in favor of an additional 383 million rubles in dividends for 2011, the company said in a statement.
The company has already paid out more than 1 billion rubles in dividends for the first nine months of last year on all types of shares.
The board is recommending 8.57-ruble dividends be paid just for type-A preferred shares for the year. Factoring in the 0.92-ruble dividends paid on ordinary and preferred shares for the nine months, the final payout will be 7.65 rubles per preferred type-A share.
The preferred shares soared 35.5% to 31.3 rubles - their highest since March 21 - on the MICEX-RTS by 6:04 p.m. local time. Ordinary shares rose 0.1% to 27.02 rubles each.
Bashkirenergo made 6.7 billion rubles in net profits last year, meaning that dividends for the year would represent around 21% of net profits.
Dividends for 2010 amounted to 0.944 rubles per ordinary and 2.01 rubles per preferred share (part value one ruble). Of 1.557 billion rubles in net profits, dividends amounted to 1.085 billion rubles.
The board of directors has scheduled the AGM for June 20. The shareholder register closes May 5.
Bashkirenergo is a major regional energy company that occupies a dominating position on the electricity and heat market in Bashkortostan. It manages companies that produce, transfer and distribute power and heat. Bashkirenergo's installed power capacity is 4,296 MW, and its installed heat capacity is 13,035 Gcal/h.
AFK Sistema subsidiary OJSC Sistema-Invest owns 47.87% of Bashkirenergo's charter capital (50.17% of ordinary shares), while Inter RAO UES owns 23.73% (24.87%).
AFK and Inter RAO are planning to carve Bashkirenergo up into generating and power grid companies, with Inter RAO receiving a genco and Sistema getting a power grid company.