Bloomberg News

Bashneft Falls Most in 5 Months on 2011 Dividend Recommendation

April 24, 2012

OAO Bashneft fell the most since its shares started trading on the Micex exchange in November after the Russian regional oil producer’s board recommended cutting the dividend payout.

Bashneft shares declined 4.2 percent to 1,618.90 rubles in Moscow, the lowest close since since Feb. 7.

The board recommended dividends of 99 rubles per common or preferred share for 2011, Bashneft, controlled by billionaire Vladimir Evtushenkov’s AFK Sistema, said today in a regulatory filing. That is 58 percent less than the payout of 235.77 rubles a share for 2010, according to the company’s website.

“The news is negative, the dividend is much lower than expectations,” Maria Yegikyan, an analyst at Alfa Bank in Moscow said by phone today.

Shareholders as of May 15 are eligible to vote at the June 29 annual meeting, Bashneft said today in a regulatory filing.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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