Russia’s Norilsk Nickel board changes dividend policy

MOSCOW, Apr 11 (PRIME) -- The board of directors of Russian metals giant Norilsk Nickel has approved a new dividend policy envisaging payouts amounting to 30–60% of earnings before interest, taxes, depreciation and amortization (EBITDA), the company said in a statement on Monday.

Norilsk Nickel now pays dividends amounting to 50% of EBITDA.

The new dividends will depend on the debt to EBITDA ratio.

The minimum dividend payout for 2016 will stand at U.S. $1.3 billion plus revenue from the sale of South African nickel company Nkomati. Until 2021, the company’s dividends will amount to no less than $1 billion per year.

Vladimir Potanin’s Interros holds 30.3% in Norilsk Nickel, Oleg Deripaska’s RUSAL 27.8% Millhouse of Roman Abramovich owns 5.87% and Alisher Usmanov’s Metalloinvest has about 3.2%.

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