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and the Finance Ministry have already confirmed that it will have a special dividend calculation, according to Interfax.
The subsidiary of Rosseti, the Federal Grid Company (FSK), dividend policy also stipulates calculating 50% of adjusted IFRS and RAS net income and paying out the larger of the two. FSK has an effective payout ratio that is below 50%,
in particular 35% of IFRS net income for 2020.
"The company is preparing to increase its capex for BAM
European commissioner confirms €30bn EU investment plan for Western Balkans
bne IntelliNews
EU Enlargement Commissioner Oliver Varhelyi announced on June 10 that the European Commission will extend an IPA-III economic and investment plan amounting to nearly €30bn, or a third of the region's GDP, to the Western Balkans.
Speaking after the Western Balkans leaders meeting in Tirana, Varhelyi said the project would mobilise nearly €9bn and had the potential to raise investment of up to €2bn between 2021 and 2027.
However, Varhelyi added that the plan would not be effective unless the six countries that make up the EU-aspiring region work together.
“We are ready to reconfirm our commitment and commitment that we have put on the table with the economic and investment plan, a plan which we have shown since the autumn that mobilises one third of the region's GDP, i.e. almost €30bn in the form of investments to come to the region,” said the commissioner, according to a transcript on the Albanian government website. According to Varhelyi, an agreement was reached at the beginning of June to fund the plan.
“But this plan is not going to work if the region itself does not function as a whole,” Varhelyi added. If we do not have a regional market, it makes no sense to build highways in case all the big vehicles stop at ... borders every 100 kilometres. It does not make sense to work more for these railways if the trains also encounter difficulties, or new trade routes if there will have to be six different types of freight certificates or different taxes for these types of freight.
and Transsib, and it could protect its current conservative dividend policy," Sova Capital believes. Assuming a dividend payout for 2021 of 50% of IFRS net income that does not include the depreciation adjustment, the expected dividend yield for 2021 could increase from the anticipated 7.1% to 13.1%, the analysts estimate.
Sova Capital maintained Buy ratings on shares of Gazprom, Transneft, InterRAO, RusHydro and FSK, a Hold rating on RosSeti ordinary and a Sell rating on Rosseti's preferred shares.
EU Enlargement Commissioner Oliver Varhelyi (left) with Albanian Prime Minister Edi Rama at the Western Balkans summit in Tirana.
“This economic plan and investment plan will give its results only if this region itself works for this regional market and this is also the environment where this regional market will function,” he concluded.
The plan was welcomed by political leaders from the region, with Albanian Prime Minister Edi Rama saying it will all result in “fundamental improvement” of the region’s road, railway and port infrastructure, as well as interconnectivity, energy sector and digitalisation.
Rama, who hosted the meeting, also talked of steps towards regional co-operation, including the so-called “mini Schengen” area launched by Albania, North Macedonia and Serbia.
Another achievement is the agreement on free mobile roaming among countries in the region, due to come into force on July 1.
“This is really a great achievement and there will still be great things, such as citizens being able to move around with ID cards, identity cards, recognition of diplomas, revocation
of work permits, so all these things together will make co-operation in the Western Balkans offer many things to the citizens of the Western Balkans, including online commerce,” said Varhelyi.
The commissioner called June a “crucial month” for the region, and said the EC wishes to hold intergovernmental conferences with Serbia and Montenegro, as well as with Albania and North Macedonia; the latter two states failed to progress to the start of
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