26 May 2004 02:30
Economy ministry recommends Transneft dividends of 3.8 bln rubles (Part
2)
MOSCOW. May 26 (Interfax) - The Russian Economic Development and Trade Ministry formally recommended that state
pipeline operator Transneft pay 3.8 billion rubles to its shareholders for 2003.
The ministry is recommending common share dividends of 2.3 billion rubles and preferred share dividends of 1.5
billion rubles, Andrei Sharonov, a deputy economy minister, told reporters. The government owns Transneft's common
shares and private shareholders own the preferred shares.
Transneft's board of directors will make its dividend recommendations on May 28. The company itself originally
proposed 2.885 billion rubles or 9% more than what was paid for 2002. This would have included 1.3 billion rubles on
common shares, as in 2002, and 1.584 billion rubles on preferred shares, compared with 1.345 billion rubles.
The economy ministry then proposed 3.16 billion rubles for common shares. But Semyon Vainshtok, Transneft's
president, said the higher dividend payments could stifle growth.
Transneft had non-consolidated net profits of 15.845 billion rubles in 2003, 17.8% more than in 2002.
Charter capital is 6,219,502 rubles, consisting of 4,664,627 common shares and 1,554,875 preferred shares, par value
1 ruble each. The state owns 75% of the charter capital and private investors 25%. [RU ASIA EUROPE EEU EMRG ENR CRU DIV
CORA] pr
[Interfax] |
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