May 06, 2014 10:50
Mechel's Southern Kuzbass Coal Co could waive 2013 dividends due to losses
KEMEROVO. May 6 (Interfax) - Directors at the Mechel (MOEX: MTLR) coal and steel group's Southern Kuzbass Coal Company (MOEX: UKUZ) are recommending that shareholders vote at their annual shareholders meeting on June 19 to waive dividends for 2013, Southern Kuzbass said in materials.
The coal producer closed 2013 with net losses of 1.101 billion rubles to Russian Accounting Standards (RAS), compared with 2.813 billion rubles profit in 2012.
The company last year decided to pay dividends for 2012 and for Q2-Q4 2008. In 2012, it decided to pay for 2010 and 2011. Dividends for Q1 2018 were paid prior to that, but no dividends were paid for 2009.
Shareholders on record as of May 12 will be entitled to vote at this year's AGM.
OJSC Mechel Mining owned 96.6% of Southern Kuzbass, one of Russia's biggest coal mining enterprises, as of March 31.
Southern Kuzbass has 36,109,217 issued ordinary shares, par value 0.04 rubles each.
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