Rostelecom (NYSE: ROS; RTS and MICEX: RTKM, RTKMP), Russia's national long-distance telecommunications operator, today announced that the Board of Directors met on April 28 to discuss matters related to the Annual General Shareholders' Meeting.
The Board set the date for Rostelecom's Annual General Shareholders' Meeting (hereinafter — AGM) as June 26, 2004. The AGM will be held at Bekasovo, Naro-Fominsky district, Moscow region.
Rostelecom's Board of Directors also set the record date (when the list of shareholders entitled to participate in the AGM and to receive dividends for 2003 is composed) as May 11, 2004.
The Board of Directors will recommend the following annual dividends for 2003 to the Annual General Shareholders' Meeting:
- RUR 3.25301 per preferred share. The total amount of dividends to be paid to holders of preferred shares will amount to RUR 789.9 million or 10.0% of 2003 RAS net profit;
- RUR 0.87807 per ordinary share. The total amount of dividends to be paid to holders of ordinary shares will amount to RUR 639.9 million or approximately 8.1% of 2003 RAS net profit;
- The total amount of dividends for 2003 is expected to be RUR 1,429.8 million compared to RUR 705.6 million for 2002, or 102.64% higher.
The payment schedule will be set by the Board of Directors and announced following the AGM.
Holders of the American Depositary Receipts will receive payment in accordance with the 1:6 ratio of ADR to ordinary shares. ADR holders will receive the dividend in US dollars through their usual financial intermediary.
For more details on agenda and other issues related to the AGM as well as information on dividend payment procedures and format, please visit the Corporate Governance section in the Investor Center on Rostelecom's website at www.rt.ru/icenter/administration/meeting/.