Russia’s Novorossiysk Grain Plant may pay 1 bln rbl in Jan–Sep divs

MOSCOW, Nov 18 (PRIME) -- The board of directors of Russia’s Novorossiysk Grain Plant has recommended paying 1 billion rubles in dividends for January–September, as seen by PRIME in the company’s materials on Wednesday.

A meeting of shareholders to discuss the recommendation will be held on December 9, the register for the meeting closes on November 28. The register for shareholders with the right to receive dividends will be closed on December 20.

Previously, the company paid interim dividends for January–September in 2011. CEO Alexei Chemerichko said earlier that the plant pays no less than 70% of net profit in dividends. In 2014, the company paid 93 million rubles in dividends for the year, which accounted for 74% of its net profit under International Financial Reporting Standards.

Major shareholders of Novorossiysk Grain Plant are United Grain Company with a 51% stake, businessman Ziyavudin Magomedov’s Ivianto Services with 18.49%, Cyprus-based Belcarra Services Limited with 10.79% and 370 legal entities and individuals with a total stake of 19.73%.

On Tuesday, Belcarra Services said it will offer its 10.79% stake at 444–518 rubles per share at an initial public offering. The bid book will be open from Tuesday to November 23, and the share price will be announced November 24.

(65.4799 rubles – U.S. $1)

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