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Russia's Bashkiria supports proposal to postpone Bashneft ordinary dividend payout

In 2016, Rosneft acquired 50.1% of Bashneft's shares for $5.7 bln

UFA, May 26. /TASS/. The authorities of Bashkiria supports the recommendation of Bashneft board of directors to postpone the payment of ordinary dividend for the fourth quarter of this year, though they expect the aggregate payments to the region’s budget to remain at last year’s level, according to a report released by the press service of the republic’s government on Friday.

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"Bashkiria supports the recommendation of Bashneft board of directors to postpone the dividend payment on ordinary shares to the fourth quarter of 2017. Interim dividend will be paid for nine months of 2017 taking into account undistributed profit of prior years. It is expected that aggregate payments on tax component, charity and dividend will remain at the level of last year," the report said.

The republic as a major shareholder of Bashneft has its representatives in the board of directors and is aware of "required costs of the company for the next two quarters, which usually evidence the highest expenses," the government’s press service said.

Earlier on Friday Bashneft board recommended its shareholders not to pay ordinary dividend for 2016, and to pay 2016 preferred dividend amounting to 0.10 rubles per preferred share, or 3 mln rubles ($53,000), at the general meeting due on June 30. Meanwhile, Bashneft can make dividend payout in end-2017 using retained earnings from prior years for nine months of this year. The company also said investments in refinery and its safety improvement would rise 15% this year.

In 2016, Rosneft acquired 50.1% of Bashneft's shares for 329.7 bln rubles ($5.7 bln). Later, after Rosneft made an offer to minority shareholders, it began to control 57.7% of Bashneft's authorized capital. Bashkiria holds 25% plus one share in the company.

Bashkiria Governor Rustem Khamitov said in April that the republic expected to receive 2016 dividend from the company at the level of 2015 payment, meaning 7.2 bln rubles (5 bln rubles in 2014). Bashneft 2015 dividends amounted to 29.1 bln rubles ($441.6 mln) or 50% of profit under International Financial Reporting Standards.

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