MegaFon board recommends no dividends for 2017

MOSCOW, May 17 (PRIME) -- The board of directors of MegaFon, one of Russia’s major mobile operators, has recommended abstaining from paying dividends for 2017, according to the company’s documents seen by PRIME on Thursday.

“To recommend the annual general meeting (AGM) of shareholders not distribute the net profit received on results of 2017, not announce or pay dividends,” the statement read.

MegaFon’s adjusted net profit of the telecom segment decreased 29% in 2017 to 20.519 billion rubles, as calculated under International Financial Reporting Standards.

MegaFon’s shareholders will meet on June 29, and the register for the AGM will close on June 4.

For 2016, MegaFon paid 19.995 billion rubles in dividends, or 32.25 rubles per common share.

(62.3033 rubles – U.S. $1)

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