OREANDA-NEWS. PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that its Board of Directors today has recommended that shareholders approve a dividend payment of RUB 8,159 million, or RUB 63 per ordinary share (RUB 21 per Global Depositary Receipt).

The Extraordinary General Meeting of shareholders (“EGM”) will take place on 15 January 2016, and the record date for shareholders eligible to participate in the EGM is 27 November 2015. The Board recommended setting the record date for shareholders eligible to receive dividends as 26 January 2016.

The Board of Directors recommended the interim dividend payment following its review of a report on the Company’s financial and operational performance and its IFRS financial statements for 3Q 2015. The 3Q and 9M 2015 IFRS results will be disclosed on Tuesday, 17 November 2015. PhosAgro already reported year-on-year increases in fertilizer production and sales of 9.7% and 10.6%, respectively, in 9M 2015.

PhosAgro CEO Andrey Guryev said: “PhosAgro continues to implement its policy of ongoing improvements, increasing the efficiency of business processes and optimising the operations of existing capacities, while at the same time undertaking new investment projects for which we have received long-term financing on very attractive terms. PhosAgro has sufficient funds to decrease its debt levels while also continuing to pay out dividends to shareholders.”

At today’s meeting the Board of Directors also: reconfirmed the authority of PhosAgro’s current management board and allowed its members to hold positions at other organisations, approved several interested-party transactions, confirmed the remuneration of the Company’s independent RAS auditor, heard reports from Board Committee Chairmen about the results of their work in 3Q 2015, and approved the Board of Directors’ forward-looking agenda for 2016.