Azovstal to Pay Out UAH 1.295bln as Dividends
OREANDA-NEWS On 01 November was announced, that Azovstal (PFTS: AZST) will use 50% of its net profit for 2006 and more than one-third of its net profits for 2007 to pay out dividends, which totals to UAH 1.295 bn. The balance of the profit for these two years and all profits for 2003-2005 are still retained. The decision on the dividends payout was made by the Azovstal general meeting held October 25.
The dividends per one share will amount to UAH 0.308, which equals to about 50% of the equity market value.
The dividends will be paid out from December 15, 2008 till October 24, 2011. The probable reasons for such a long pay-out period may be the delays in accumulating of the required amount as well as unwillingness to pay out dividends amid the crisis in the sector.