Red Boiler could boost 2011 dividends 1500%
ROSTOV-ON-THE-DON. April 20 (Interfax) - Taganrog boiler building plant Red Boiler in Rostov region plans to spend 31 million rubles on 2011 dividends, 1460% more than the previous year.
The company said the Red Boiler board had recommended shareholders approve the dividends at the May 16 AGM with payments only on preferred shares at 0.4361 rubles per share with par value of 1 ruble.
The company also only paid dividends on preferred shares for 2010, paying 0.028 rubles per share. The company's charter states that 10% of net profit should be used to pay dividends on preferred shares.
The rest of the profit, which was 310.01 million rubles last year will be retained by the company.
CJSC KPMG is expected to be selected to audit the company to Russian Accounting Standards in 2012.
The register for participation in the AGM was closed on April 2.
Red Boiler produces steam boilers and equipment for power stations' boiler islands. EMAlliance owns 77.3 of the plant's ordinary shares (64% of issued shares). Krasny Kotelshchik is EMAlliance's main asset. The company has 71,086,000 issued preferred shares and 213,258,000 issued ordinary shares, par value 1 ruble each.