Date: June 30th, 2022 9:46 AM
Author: cheese-eating pisswyrm
Gazprom lost a quarter of its market value on Thursday after the Russian state-backed group said investors had blocked plans to pay a large dividend.
“The shareholders decided that in the current situation it is not advisable to pay dividends based on the 2021 results,” said deputy chief executive Famil Sadygov.
The company’s biggest shareholder is the Russian state, which directly holds a 38 per cent stake with an additional 12 per cent owned by two other state companies. The stock plunge on Thursday prompted Moscow’s stock exchange to halt trading of the group’s shares.
Gazprom’s board recommended a dividend of Rbs52.53 in May on the back of soaring gas prices, as its 2021 net profit hit an all-time high of Rbs2tn.
The recommendation would have meant a record payout of Rbs1.2tn, or $22.8bn at the current exchange rate.
(http://www.autoadmit.com/thread.php?thread_id=5143286&forum_id=2#44771134)