Kazakh Kcell to send all 2013 profit to dividends
Baku, Azerbaijan, May 26
By Elena Kosolapova- Trend:
Kcell, a leading operator in Kazakh telecommunication market plans will send all net profit received in 2013 to dividends, Novosti-Kazakhstan reported on May 26 with the reference to the company.
Kcell's net profit hit 63.390 billion tenge ($347 million) in 2013.
Such decision was approved by the company's shareholders at the annual general meeting held on May 21.
Earlier Kcell's Board of Directors recommended paying an annual dividend in the amount of 221.81 tenge (about $1.22) per ordinary share. Such payments amount to 70 percent of the company's net profit in January-December 2013.
Moreover, taking into account the strong financial performance in 2013, the Board of Directors recommended paying additional special dividends in the amount of 95.14 tenge (about $0.52) per ordinary share, which makes up 30 percent of the company's net profit in 2013.
Kcell JSC is affiliated with TeliaSonera, the largest Scandinavian telecommunications holding.
The company was established in 1998 and since February 1999 began rendering services of cellular communication under the trade mark Kcell. As of July 17, 2013 the company's subscriber data base was 14.1 million.