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Russia OGK-3 to pay 25 pct of net profit in dividends

Wed Apr 23, 2008 8:06am EDT

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MOSCOW, April 23 (Reuters) - Russian electricity producer OGK-3 (OGKC.MM), controlled by metals major Norilsk Nickel (GMKN.MM), will pay 25 percent of its net profit in dividends, the company said in a statement on Wednesday.

This will be the company's permanent dividend policy in the future, applying not to one financial year but to all years, OGK-3 spokesman Vyacheslav Zhukov said.

"Yes, this is forever," he said.

The firm's financial results to international accounting standards for 2007 are expected on May 15.

"The main goal of adopting the dividend policy is to establish a transparent and clear mechanism for shareholders to determine the size of dividends and their payment method," OGK-3 said in the statement. (Reporting by Simon Shuster; Editing by Quentin Bryar)



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