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PJSC PHOSAGRO - PhosAgro EGM Approves DividendsPJSC PHOSAGRO - PhosAgro EGM Approves Dividends
PR Newswire
London, January 16
| For Immediate Release | 16 January 2017 |
PhosAgro EGM Approves Dividends
Moscow – PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that an Extraordinary General Meeting of Shareholders (“EGM”) held today has approved the payment of dividends in the amount of RUB 5,050.5 million, or RUB 39 per share (RUB 13 per Global Depositary Receipt) from unallocated net profit as of 31 December 2015. The record date for shareholders eligible to receive dividends has been set as 27 January 2017.
PhosAgro CEO and Member of the Board of Directors Andrey Guryev said: “This year PhosAgro intends to maintain is policy of paying out between 30% and 50% of its IFRS net profit as dividends, and in line with existing practice we aim to pay dividends just as regularly as in previous years.
“The completion of two major investment projects due in 2017 – the high-tech ammonia and urea lines – is expected to increase production output and income from sales, with the resulting growth in free cash flows likely to have a positive impact on future dividend payments.
“We plan to invest RUB 25 billion into the development of our mining, beneficiation, and downstream production plans in the year ahead.”
The EGM also approved changes to the PJSC PhosAgro charter as it relates to new standards in the federal law on joint-stock companies governing large and related-party transactions, which came into effect on 1 January 2017. In addition, the EGM approved several related party transactions that are also large transactions.
Notes to Editors
PhosAgro (www.phosagro.ru) is one of the leading global vertically integrated phosphate-based fertilizer producers. The Company focuses on the production of phosphate-based fertilizers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 39%).
The Company is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia. It is Russia’s only producer of nepheline concentrate.
PhosAgro’s main products include phosphate rock, 33 grades of fertilizers, feed phosphates, ammonia, and sodium tripolyphosphate, which are used by customers in 100 countries spanning all of the world’s inhabited continents. The Company’s priority markets outside of Russia and the CIS are Latin America, Europe and Asia.
PhosAgro’s shares are traded on the Moscow Exchange, and global depositary receipts (“GDRs”) for shares trade on the London Stock Exchange (under the ticker PHOR). Since 1 June 2016, the Company’s GDRs have been included in the MSCI Russia and MSCI Emerging Markets indexes.