13 May 2010 11:52

Sollers to pay no dividends for second year running

MOSCOW. May 13 (Interfax) - The board of directors at automaker Sollers has recommended to company shareholders that they neither distribute profits nor pay dividends for 2009 - meaning no dividends for a second straight year, company materials say.

Sollers did pay dividends for the first half of 2008 - 16 rubles per share or around 550 million rubles total. The company paid 29.18-ruble dividends for 2007, or 1 billion rubles.

Sollers charter capital is 428,376,987 rubles split into 34,270,159 common shares (par value 12.5 rubles).

Sollers was formerly called Severstal-Auto and was part of Alexei Mordashov's metals holding Severstal , from which it was split off in early 2002. Five years later, Severstal-Auto chief Vadim Shvetsov bought out Mordashov and became owner of 58% of the company.

Now known as Sollers, the company manages the Ulyanovsk Automotive Plant, Zavolzhsky Motor Plant , Sollers-Naberezhniye Chelny, Sollers-Alabuga and Sollers-Far East. The company also has an engine manufacturing joint venture with Fiat Powertrain Technologies. Sollers produces UAZ, Fiat, Isuzu and SsangYong models in Russia.