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RAO UES CEO Offers Not to Pay Dividend
RAO UES management will urge holders to decide against paying 2006 dividend, said Anatoly Chubais, who is the CEO of this state-run energy company. The reported profit generated by the currently reformed holding doesn’t correspond to the actual amount, Chubais pointed out.
The meeting of RAO UES holders didn't sanctioned the Charter amendments, whereby dividend would be paid in view of the actual profit of the company, Chubais explained. The refusal to settle dividend will allow transferring the funds to investment program of RAO UES.
RAO UES management advocates refraining from dividend accrued both on preferred and on common stocks. In 2005, the holding paid 2.3 billion rubles to settle the common stock dividend, while the preferred stocks generated 402 million rubles.
RAO UES board sealed the five-year investment program in August 2006. Its implementation requires more than 2.1 trillion rubles.
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Photo: Grigory Sobchenko
