Uralenergotsvetmet to skip dividend

Gorno-Shorsky branch of Evrazruda JSC has started overhaul of small skip hoist of its Skip shaft in order to replace two of its skips. The skip hoist is calculated to lift 8.4 tons of weight and is operating at the floor of +185 meters. The overhaul is the second stage of the complex repairs of skip hoists that began in March 2006 with the replacement of skips at the big hoist of Skip shaft. The complex overhaul carried out at Skip shaft is expected to reduce its operating costs, preclude emergency breakdowns, and improve the production standards through reducing the share of common manual

OAO Serov Ferrous Alloys Plant agreed not to pay any share dividend for the year 2009. The decision to this extent was made by the plant’s shareholders during the general meeting held in Serov, Sverdlovsk Region. During the AGM, the stockholders also agreed on the changes to the company’s Charter: the changes ensured that the number of BOD members is to come to five people.

OAO The Polar Urals-The Industrial Urals Corporation is not going to declare any share dividend for the year 2009. The decision was taken by the corporation’s stockholders at the AGM on June 26, 2010. In fact, no dividend was paid to the shareholders for the year 2008 either.

OAO VUZ-Bank will not pay any share dividends for the year 2009. The decision to this extent was taken by the bank’s stockholders in the course of the recent AGM in Moscow. The bank explains the lack of dividends has to do with the actual lack of profits. In fact, VUZ-Bank finished last year off with 156.31 million RUR worth of losses; these will have to be compensated with the remains of the earlier years’ profits.

‘In terms of theory, paying dividends to Koltsovo airport’s shareholders looks a bit strange. As a rule, a company that keeps investing heavily in its own development does not normally declare any dividends. If a company is prepared to pay the dividends to its shareholders after all, this usually means there is no way of the company’s further development for the time being,’ Management Company’s Investment Director Alexander Metzger said to UrBC. In the meantime, Koltsovo airport’s last AGM resulted in the stockholders’ decision to declare 74,255,776 RUR worth of dividends for 2007, with