Page 110 - RusRPTSept23

Moscow eases restrictions on dividend payouts to foreigners investing in Russia. Dividends profits may be paid to foreigners without restrictions, though their volume should not exceed the amount invested in Russia
● Metal & Mining
The Supervisory Board of Alrosa recommended paying dividends as of the end of the first six months of 2023 in the amount of 3.77 rubles ($0.04) per share, the Russian diamond miner said. Dividend distributions can therefore total 27.77bn rubles ($289.1mn). The register for receipt of dividends will be closed on October 18 of this year. The extraordinary general meeting of company shareholders will be hold in absentia on September 30. The list of persons eligible to participate in the meeting will be prepared according to data as of September 6.
● Other
Russia’s Far-Eastern Shipping Company (FESCO) should reinvest profit, not restart dividend payments, CEO Andrei Severilov told PRIME in an interview on August 3. “As CEO, I personally think that it would be unreasonable to distribute any dividends and that we need to allocate the entire net profit to investment. The board of directors recommends that as well. We have room for growth,” he said. “This issue is not on the agenda. The current times call for purchases of fixed assets. We need to continue expanding our assets so that we continue our extensive growth and development.” He also said that FESCO was looking into acquisition of port infrastructure assets in Egypt and that the company may attract a local partner to do so. The company will launch a direct shipping service from Novorossiysk to Egypt in November, and is also preparing to open its office in the country. “
Russian Internet company VK’s shareholders and the board of directors have approved the decision to get re-domiciled to the home market from the British Virgin Islands, VK said on August 11 in a statement.
“Once registered in the Russian Federation, it will become VK international public joint-stock company (VK IPJSC) with its legal address in a special administrative region on Oktyabrsky Island, the Kaliningrad Region. The current members of the board of directors of VK Company Ltd. will continue to act as members of the board of directors of VK IPJSC,” the statement read.
Russian retailer Magnit has completed a buyback program after acquiring 16.6% of shares from non-residents for about 37.4bn rubles, the company said in a statement on August 10. "Magnit, one of Russia’s leading retailers, notifies that LLC Magnit Alyans, a wholly owned subsidiary of Magnit, has completed the purchase of Shares from Shareholders who hold their Shares through the Russian depositary and settlement infrastructure, under the Tender Offer, announced on June 16 2023," the company said. "The total amount sent to Shareholders holding their Shares through the Russian depositary and settlement infrastructure under the Tender Offer is equivalent to approximately 37.4bn rubles at the Purchase Price," the statement read.
RUSSIA Country Report September 2023 www.intellinews.com