AFK Sistema's annual shareholder meeting slated for June 25, register closes May 18
MOSCOW. April 22 (Interfax) - AFK Sistema board of directors has called an annual shareholder meeting for June 25, the company said in a statement.
The shareholder list for taking part in the meeting will be based on the register as of May 18.
The meeting's agenda is standard including approval of financial results, profit distribution, the election of the board of directors and the audit commission, as well as confirmation of an auditor.
Sistema plans to increase dividend payments this year, the company's main owner, Vladimir Yevtushenkov, told journalists on Thursday.
He said that dividends for 2010 will be higher than in previous years. Sistema earlier reinvested the bulk of its profit but now plans to increase the share of profit earmarked for dividends, Yevtushenkov said.
Sistema's current dividend policy foresees paying shareholders up to 40% of the company's US GAAP net profit.
The company will publish its financial results on April 28.
Sistema owns and manages investments in various sectors, mostly focusing in telecommunication (MTS), electronics (Sitronics), media (SMM), tourist (Intourist) , retail (Detsky Mir), radio and aerospace technologies (RTIS Sistema), medical services (Medsi) and pharmaceuticals (Medical technological holding MTKH).