MOSCOW: Russian state-controlled telecoms operator Rostelecom said it would pay dividends on ordinary shares that amount to at least 20 percent of net profit, calculated according to International Financial Reporting Standards (IFRS).
The new policy will apply to dividends from 2011 net profit, Ivan Rodionov, the company's board chairman, told Reuters on Monday.
Rostelecom also said in a statement its dividend policy for preferred shares remained unchanged at 10 percent of net profit under Russian Accounting Standards, divided by the total number of shares, which comprise 25 percent of share capital.
"This policy will be valid until the necessary changes are made to the company's charter, which will then enable the dividend per preferred share to be calculated on the basis of net profit in accordance with IFRS," Rostelecom said.
Under the previous dividend policy, it paid at least 10 percent of net profit to Russian Accounting Standards on preferred shares and no less than 5 percent on ordinary shares.
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