Mostotrest Board Recommends 2016 Dividend
2 May 2017 – In its meeting held on 2 May 2017, the Board of Directors of PJSC Mostotrest (Mostotrest, the Company or the Group) approved the date and agenda for the Company’s Annual General Shareholders' Meeting (AGSM). The Board reviewed and approved annual report and annual financial statement.
Mostotrest AGSM will be held on 29 June 2017. The record date for participation in the AGSM is 5 June 2017. The meeting is expected to approve the annual report and annual financial statements of the Company for 2016, select auditors in accordance with Russian and international accounting standards, elect members of the Board of Directors and the Audit Commission, approve the report on related party transactions and determine the dividend amount.
Mostotrest Board of Directors has recommended to the AGSM to pay 2016 dividend on ordinary shares of the Company in the amount of RUB10.64 per ordinary share. The total amount of 2016 dividend proposed by the Board for approval by the AGSM is RUB3,002,772,920. Dividend record date is 18 July 2017. Ex-dividend date: 17 July 2017.
Mostotrest delivered strong 2016 results across the board and confirmed its leadership in the Russian transport infrastructure construction market. At the same time, the Company's working capital financing needs are expected to increase significantly in 2017, as co-financing under long-term investment contracts peaks during the year. Despite the upcoming expenditure however, the Company's exceptional 2016 results enabled the Board of Directors to decide to recommend to the AGSM a maintained dividend in line with that of the previous year.
NOTES TO EDITORS
Mostotrest is a major, diversified infrastructure construction company, with an established presence in all core and related market segments, and a participant in Russia’s first public-private partnership projects. According to EMBS Group, an independent industry consultancy, in 2016 Mostotrest held a 14.6% share of the total Russian transport infrastructure construction market.
Mostotrest’s core competences include construction and reconstruction of bridges, roads and other transport infrastructure facilities; provision of road maintenance, repair and operating services. In 2012, Mostotrest also entered a new segment: management of road concessions.
The company was established in 1930 as a developer of complex and oversized bridges.
Mostotrest is currently participating in the implementation of a number of complex transport infrastructure development projects, such as construction of the Section 4 (km 208 – km 258) and Section 6 (km 334 – km 543) of the M-11“Moscow – St Petersburg” Toll Highway, construction and reconstruction of segments of the M-4 “Don” highway, construction of Kerch Bridge.
For more detailed Company information, please visit www.mostotrest.ru