MOSCOW, Nov 8 (PRIME) -- Russian fertilizer producer Uralkali plans to pay no final dividends for 2017, the company said in a statement on Wednesday.
Earlier on Wednesday, the company said that its board of directors decided to issue 150 million preferred shares privately for the current owners of the company.
“The funds raised from the placement of the preferred shares will reduce the ñompany’s indebtedness. However, taking into account the current financial and economic situation and the requirements of the current dividend policy, the Company does not expect to pay dividends for 2017,” the company said.
“In the future, owners of the preferred shares will have a priority right to dividends. Accordingly, the Company will only be able to pay dividends on common shares following the payment of dividends to owners of the preferred shares,” the statement read.
Uralkali has not paid dividends since 2013.
Core owners of Uralkali are Deputy Chairman of the Board of Directors Dmitry Mazepin and his business partner Dmitry Lobyak with 19.99% each. Uralkali-Technology owns a 54.77% quasi-treasury stake in the parent company, and 5.23% is free float.
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