31 Mar 2010 12:17

KazMunaiGas EP may pay some $350 mln in dividends for 2009

ALMATY. March 31 (Interfax) - The board of directors at KazMunaiGas EP has recommended that shareholders pay dividends for 2009 of 704 tenge per common and preferred share, or somewhat under $350 million all told, the company said.

"The overall amount of dividends will be around 50.9 billion tenge (roughly $346 million). Per dividend policy, the recommended dividend payments will be 15% of net profit, special dividends 7.9% of net profit with account taken of the large amount of free cash the company has accumulated," the company press release says.

Dividend payments are expected sometime after July 12, 2010.

The board set May 25 as the date for the annual shareholders meeting, the agenda for which will feature the standard items.

KazMunaiGas EP was created in March 2004 as result of a merger of two daughter companies of KazMunayGas - EmbaMunayGas and OzenMunayGas. The Company's shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on London Stock Exchange.

The official exchange rate on March 31: 147.11 tenge/$1.