Raspadskaya shares lose 15% as board recommends no 2017 divs
MOSCOW, Mar 22 (PRIME) -- The shares of Russian coal producer Raspadskaya dropped around 15% on the Moscow Exchange after the companyТs board of directors recommended paying no dividends for 2017, when the companyТs net profit increased by 70% to U.S. $319 million, according to the exchangeТs data seen by PRIME on Thursday.
The shareholders will consider the boardТs recommendation at an annual general meeting on May 17. The register for the meeting will close on April 22.
After a serious accident at a mine in 2010, Raspadskaya paid dividends only for JanuaryЦJune of 2011 of 5 rubles per share, or a total of 3.9 billion rubles. In 2016, the companyТs shareholders decided to spend 6.75 billion rubles of the net profit to cover losses of previous years, and to not distribute the remaining 6.2 billion rubles.
Raspadskaya is part of U.K.-based steel and mining giant Evraz, which operates mainly in Russia.
(57.4954 rubles Ц U.S. $1)