Metinvest to receive USD 149 mln in dividends from JV
5 June 2018
Southern Iron Ore
plant, a joint venture of Metinvest (METINV), Ukraine’s largest steelmaker,
intends to declare USD 381 mln in dividends, according to the agenda of a June
21 EGM published on June 4.
In detail, the
shareholders are asked to approve at the EGM the UAH 1,342 mln (USD 51 mln) in
dividends for 2013 (41% of 2013 net profit) and UAH 8,606 mln (USD 329 mln) for
2017 (96% of 2017 net profit). Metinvest, which owns 45.9% of Southern Iron
Ore, would receive a total of USD 175 mln, or USD 149 mln after the 15% tax.
The shareholders are
also asked to delegate to the supervisory board decisions on the dates and
terms of the dividend payments, including setting the ex-dividend date.
Recall, in September
2017 Southern Iron Ore declared a total of USD 600
mln in dividends
payable by March 5, 2018, including USD 234 mln (after tax) to Metinvest.
Dmytro Khoroshun:
Southern Iron Ore will pay Metinvest a total of approximately USD 380 mln after
tax for the 2013-2017 dividends. It is positive for Metinvest to have this
liquidity available, because the holding has many uses for it, including supporting
its owner, SCM, with dividends,
acquiring a stake in
European rerolling plants, and
supporting its booming revenue with working capital investments.
