ALROSA to pay no dividends for Jan–Jun over low free cash flow

MOSCOW, Aug 14 (PRIME) -- Russian diamond mining giant ALROSA will pay no dividends for January–June 2020 due to a low free cash flow in the period, the company said in a statement on Friday with quoting Deputy CEO Alexei Filippovsky.

On June 25, the shareholders approved payment of 19.4 billion rubles in dividends for July–December 2019, which accounted for 100% of the company’s free cash flow for the period, the maximum allowed by the dividend policy, Filippovsky said as quoted by the company.

“As regards dividends for the first half of 2020, taking into account the negative free cash flow amounting to 8.3 billion rubles, there are no conditions for interim dividend payment, according to the dividend policy,” he said.

The Russian government owns a 33.03% stake in ALROSA, the Yakutia republic 25% plus one share, districts of the republic 8%, the free float is about 34%.

(73.6067 rubles – U.S. $1)

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