Bloomberg News

Phosagro Board Recommends 9-Month Dividends, Share Split

October 26, 2011

(Updates with first-quarter dividends in third paragraph)

Oct. 26 (Bloomberg) -- OAO Phosagro, Europe’s largest producer of phosphate fertilizers, said it plans a nine-month dividend of 250 rubles a share for a payout of 3.11 billion rubles ($102 million).

The board recommended the dividends and called an extraordinary shareholders meeting on Dec. 1 to approve the payments, it said in a statement. The board also approved a share split of 10 new shares to 1 old share with less nominal value.

Phosagro paid dividends totaling 3.85 billion rubles for the first quarter before an initial public offering in July. The company raised $538 million selling about 10.3 percent of its stock in the IPO.

Its global depositary receipts rose 2.1 percent today to $12.05 at 5.30 p.m. Moscow time after dropping as much as 2.5 percent earlier today.

--Editors: Alex Devine, Reed Landberg

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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