MDM Bank owners not to receive dividends on prefs again
MOSCOW. April 11 (Interfax) - Shareholders MDM Bank will again not receive dividends for preferred shares with a fixed payment amount, the bank said in a statement.
The statement said that the bank's board of directors made a recommendation on April 8 that the shareholders vote against a dividend payment on common and preferred shares at their upcoming annual meeting.
MDM Bank, which was formed in 2009 through the merger of URSA Bank and MDM-Bank , also did not pay dividends for 2009. The decision then came as no surprise for preferred share holders. One day after the board's recommendations were made public, the prefs plummeted on the MICEX Stock Exchange by almost 30%.
The controlling shareholder in MDM Bank is Sergei Popov with 56.3%. Igor Kim owns 11%, Martin Andersson (the founder of Brunswick Group) - 6.3%, Olivant Ltd - 6.7%, Russian Partners (part of Siguler Guff & Company) - 4.5%, the International Finance Corporation (IFC) - 3.6%, Troika Capital Partners - 2.2%, German development corporation DEG - 1.9%, Andrei Bekarev - 1.5% and minority shareholders - 0.9%.
MDM Bank was 14th biggest bank for 2010 by assets in Russia according to the Interfax-100, compiled by the Interfax Center for Economic Analysis.
