The board of directors of one of Russia’s largest wholesale energy suppliers, OGC-4, asks the shareholders to vote at their meeting on June 18 for no dividend payout for 2009, the firm said.
“To facilitate the funding of the company’s investment program we recommend that the shareholders opt out of receiving dividends on their common stock,” an official statement says.
OGC-4 didn’t pay dividends on its $224m 2008 net profit. It allocated $11.2m of the amount to the company’s reserve fund, leaving the rest for corporate needs.
It opted out of payout the year before, too. Of the $59.5m 2007 net profit, its investment project fund received about $50m, with the rest allocated for the reserve fund. The shareholders only received interim Q1 2007 dividends that totaled $6m.
In 2009, OGC-4 reported a 17.5% rise in its net profit to $236.7m, calculated in accordance with the Russian accounting standard.
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