Ukrtelecom AGM Approve 30% Dividend Payout

Ukrtelecom’s (UTEL: HOLD) shareholders approved the company’s financial results for 2006 according to local GAAP at their AGM friday:

Key 2006 Financials
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                 USD mln % to sales yoy change
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 Sales               1,327       100%      2.40%
 EBITDA              391        29%       6.30%
 EBIT                   188        14%       6.30%
 Net income         102         8%      -0.10%
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The company’s shareholders decided to distribute 30% of the company’s net income USD 30.5 mln as dividends (USD 0.0016 per share, dividend yield 0.72%). The Ex-dividend date is March 31, 2007. Dividends are planned to be paid in April (deadline April 30). Six out of 11 issues on the AGM agenda (re-election of governing bodies and changes into legal documents of the company) were not considered today because they need the approval of the State Property Fund (SPF). The SPF, which controls 92.48% of the company’s shares decided to come back to these issues later, within the next month.