Friday, 28 May 2010

Norilsk Nickel Announces $1.33Bln in Dividends

Norilsk Nickel said Thursday that its board recommended that the company pay $1.33 billion in dividends for 2009, or 210 rubles ($6.80) per share, less than half the amount proposed by shareholder United Company RusAl.

RusAl, which owns 25 percent of Norilsk, had called on the company to pay out $3 billion, exceeding its profit for the year, CEO Vladimir Strzhalkovsky told reporters.

Norilsk's board agreed to pay out 50 percent of last year's $2.65 billion net income, he said.

"We believe that today's financial state of Norilsk Nickel provides for an opportunity to pay much higher dividends," RusAl said in an e-mailed statement.

Norilsk's board also approved a program to sell as much as 100 billion rubles ($3.24 billion) of bonds in several tranches, chief financial officer Dmitry Kostoyev said.

The miner's shares rose 4.7 percent on the MICEX, outperforming the exchange's metals and mining index, which rose 2.5 percent.

No comments: