Avtovaz shareholders asked to waive dividends for 2010
MOSCOW. May 23 (Interfax) - The board of directors of Avtovaz has recommended that shareholders waive dividends for 2010, Russia's biggest carmaker said in a statement.
Avtovaz did not pay a dividend for 2009 due to losses that year.
The AGM is scheduled for June 23. The register of shareholders closed on May 6.
Sergei Chemezov, who is the head of Russian Technologies, a major shareholder in Avtovaz, has said that it is too early for Avtovaz to pay dividends. "I don't think it is needed for now. It would be better to use the money for growth," he said.
Avtovaz posted a net profit of 2.1 billion rubles in 2010 under Russian accounting standards (RAS) compared with a net loss in 2009. Revenue was 137.9 billion rubles last year.
Avtovaz charter capital totals 9.250 billion rubles split into 1,388,289,720 ordinary and 461,764,300 preferred shares. Renault, Troika Dialog and Russian Technologies each own 25% plus one share in Avtovaz.
