Turboatom AGM Approves USD 2.4 mln Dividend Payout

Turboatom (TATM: BUY) shareholders approved a USD 2.4 mln dividend payout (35% of 2007 net income), implying DPS of 0.0054 and yield of 0.53%. Disbursements will be made between March 15 and April 15. In a technical move, shareholders reappointed Viktor Subotin as CEO as well as the company’s board of directors, audit commission and supervisory board. The company’s 2007 financial results were also approved; they had been preliminarily announced in February (see our news comment of February 12).