MOSCOW, Feb 6 (PRIME) -- The board of directors of Russia’s Magnitogorsk Iron and Steel Works (MMK) has recommended paying 0.806 rubles per common share in dividends for 2017, the company said in a statement on Tuesday.
In 2017, the company paid 0.869 rubles per share in dividends for January–June and 1.111 rubles per share, or a total of about U.S. $209 million, in dividends for January–September. Previously, he company paid 1.242 rubles per share or 13.879 billion rubles in final dividends for 2016.
Under its dividend policy, MMK earmarks at least 50% of its IFRS free cash flow for dividends if its net debt/EBITDA ratio is below 1.
Viktor Rashnikov, chairman of the board of directors, is a beneficial owner of 84.3% in the company.
(56.6278 rubles – U.S. $1)
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