CEO says FESCO can mull dividends only after 2018 - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

CEO says FESCO can mull dividends only after 2018

MOSCOW, Jun 28 (PRIME) -- RussiaТs Far-Eastern Shipping Company, or FESCO, can consider dividend payments only after 2018, CEO Alexander Isurin said at a shareholder meeting on Thursday.

УWe cannot think about dividends before restructuring, I mean, before we repay overdue debt,Ф Isurin said.

УIf we stop the default and even get a profit in 2018, the board of directors can in principle consider dividend payments.Ф

He added that dividends would be very small in this case because the company needs to invest in the assets.

In May 2016, FESCO defaulted on a coupon payment on a U.S. $655 million Eurobond. In September 2017, the company said it coordinated the main conditions of debt restructuring, including a $547.5 million one-time repayment of Eurobonds and attraction of investment in shareholder equity or raising debt. In November 2017, the company opened a $680 million credit line with VTB.

FESCO is also in negotiations with VTB to allocate a part of the loan on payment of coupons and amortization of BO-01 ruble bonds.


28.06.2018 14:03
Share |
To report an error select text and press Ctrl+Enter
Central Bank Official Rate
1W 1M 1Y
EUR 71.5307 -0.2966 14 sep
USD 64.4711 -0.7198 14 sep
Stock Market Indices
1D 1W 1M 1Y
rtsi 1365.60 +0.33 18:40 13 sep
micex 2786.22 -0.49 18:40 13 sep
Stock Quotes in RUR
1D 1W 1M 1Y
gazp 231.60 -0.55 16:49 13 sep
lkoh 5351.50 -1.44 16:49 13 sep
rosn 409.55 -0.61 16:49 13 sep
sber 232.92 -0.70 16:49 13 sep
MICEX Ruble Trading
1D 1W 1M 1Y
EURTD 71.1700 -0.6750 14:59 13 sep
USDTD 64.8000 -0.6025 17:44 13 sep