ALROSA shareholders approve dividend payout at 6,721 rubles per common share
MOSCOW. June 30 (Interfax) - Shareholders in OJSC ALROSA, at their annual meeting on Thursday, approved paying dividends for 2010's results at 6,721.63 kopecks per common share, the company said in a statement.
The company will earmark 1.833 billion rubles for the payout (from 8.777 billion rubles in RAS net profit).
Furthermore, the company plans to earmark 2.859 billion rubles for paying off long-term loans while 4.077 billion rubles will go to long-term financial investments. In addition, total compensation for the board of directors will come to 8.4 million rubles.
The total dividend payout tops the recommendation made by the diamond-producer's executive board, which earlier decided on a payout rate of 6,700.86 kopecks per share (making the total payout 1.827 billion rubles). The company earmarked 249.9 million rubles (916.3 rubles per share) for dividends for 2009's results.
Russia's Federal State Property Agency (Rosimushchestvo) owns 50.92% in ALROSA, Yakutia's Property Relations Ministry - 32%, eight Yakutia municipalities - 8%. The remaining 9.07% is held by various legal entities (including 0.2% in the hands of ALROSA subsidiaries) and individuals.
ALROSA is the world's leading diamond produced in terms of total carat accounting for around 25% of world output. The company increased diamond output by 5% last year to 34.336 million carat. Based on forecast development of the world diamond market, the company plans to sell around $4.7 billion in diamonds this year with production at 34.438 million carat.