20 May 2010 12:56

Grid holding could waive 2009 dividends

MOSCOW. May 20 (Interfax) - Directors at the state-owned Inter-District Grid Company Holding (IDGC Holding) have recommended a dividend waiver for 2009, the company said.

The AGM takes place on June 23, and the register closed on May 11.

The company did not pay dividends for 2008, which it closed with losses of 154.4 billion rubles.

The holding has said it might pay dividends on preferred shares only for 2009 out of net profit of 1.5 billion rubles, not adjusted for an asset revaluation. The holding had a paper profit of 58.7 billion rubles in 2009.

The holding owns 11 inter-regional grid companies in Russia.