Russia’s En+ Group board decides against 2018 dividends

MOSCOW, Mar 28 (PRIME) -- The board of directors of Russian billionaire businessman Oleg Deripaska’s En+ Group has recommended against paying dividends for 2018 due to extraordinary challenges, the company said in a statement on Thursday.

“The board of directors has a clear-cut dividend policy for the company. As it was said in the second quarter of 2017, it envisages payment of dividends at least once every six months, amounting to 75% of the free cash flow in the Energy segment (with a minimum payment of U.S. $250 million per year) and 100% of the dividends received from RUSAL,” the company said.

“But due to extraordinary challenges that the company faced in 2018, the managers decided not to recommend dividend payment for the 2018 financial year,” En+ Group said.

In April, 2018, the U.S. imposed sanctions against 38 Russian tycoons, officials and companies including Deripaska and his assets. In late January, the U.S. removed sanctions from En+ Group, RUSAL and EuroSibEnergo after the companies had reduced direct and indirect ownership of tycoon Oleg Deripaska.

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