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Board of Directors of Sistema recommends not to pay dividends for 2021

The company attributed this decision of the board of directors by the ongoing market volatility, as well as the priority of ensuring financial stability and sufficient liquidity

MOSCOW, July 11. /TASS/. The Board of Directors of Sistema has recommended to the annual meeting of shareholders of the company not to pay dividends for 2021, an official with the company told reporters on Monday.

"The Board of Directors of Sistema has decided to recommend to the annual general meeting of shareholders of AFK Sistema not to pay dividends based on the results of 2021," the company said.

The company attributed this decision of the board of directors by the ongoing market volatility, as well as the priority of ensuring financial stability and sufficient liquidity.

At the end of June last year, the company's annual meeting of shareholders approved the payment of dividends for 2020 at the rate of 0.31 rubles per ordinary share. It was planned to allocate 2.99 billion rubles ($47.8 mln) for payments.

Sistema is a publicly traded Russian investment company with a diversified portfolio of assets serving over 150 million customers in the sectors of telecommunications, high technology, financial services, retail, paper and packaging, agriculture, real estate, tourism and medical services. The company was founded in 1993.

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