JSC Georgian Railway, Georgia's integrated railway company, today announces that it has declared a total dividend payment of GEL 331.6 million out of consolidated profit and total comprehensive income for prior periods ended 31 December 2011. The dividend was recommended by the Supervisory Board of the Company and approved by an extraordinary general meeting of the shareholders of the Company.
From the GEL 247.0 million of dividend to be paid to the State of Georgia in respect of its holding of 74.5% of shares in the Company, GEL 231.6 million will be applied, pursuant to the terms of the Tbilisi Bypass Project Memorandum of Understanding, to reimburse the Company for expenses incurred by it in connection with the Tbilisi Bypass Project. This application of dividends otherwise payable to the State of Georgia will satisfy the Government of Georgia’s reimbursement obligation in full under such Memorandum of Understanding.
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