At its meeting on 30 June 2017 Moscow Exchange’s Supervisory Board has recommended that the company pay an interim dividend for the first half of 2017.
The final decision on the payment, including the amount to be paid, will be made by shareholders at an EGM in early September. The date of the EGM will be announced in due course.
Alexander Afanasiev, Moscow Exchange’s CEO, said:
Based on our discussions with investors, we have decided to move to interim dividend payments. We pay out a significant portion of our income as dividends, and paying interim dividends allows for more even distribution of cash flow that we return to shareholders. We also expect it will lower the share price volatility around the ex-dividend date. In sum, we believe this move will boost the appeal of our shares to investors.
According to Moscow Exchange’s dividend policy approved by the Board in December 2015, the company is required to distribute at least 55% of net income. The company paid out 69.4% of its net income as dividends for 2016.