Rostelecom's board to discuss dividend policy on Dec 26
MOSCOW. Dec 16 (Interfax) - The board of directors at OJSC Rostelecom will meet on December 26, 2011 and discuss the company's dividend policy, the telecom said in a statement.
Rostelecom representatives have yet to comment on the proposal for the dividend policy.
At a meeting this week with Deutsche Bank analysts, Rostelecom president Alexander Provotorov said that the proposed dividend policy from the management presumes an increase in the relative and absolute payout so that the sector average can be reached over the midterm.
No substantial changes are expected in the dividend rate for both types of Rostelecom shares. Provotorov said that the company should support a fixed capex level over the short-term so that that it can take advantage of growth opportunities.
Rostelecom's strategy for 2011-2015 foresees annual capex at 20% of sales revenue.
