April 29, 2014 / 10:56 AM / in 4 years

KCell proposes total 2013 dividend of 100 pct of net profit

ALMATY, April 29 (Reuters) - KCell , Kazakhstan’s largest mobile phone operator, has recommended a 2013 total dividend payout equivalent to 100 percent of its net income of 63.39 billion tenge ($347.26 million), the London-listed company said on Tuesday.

The payout would include an annual dividend of 221.81 tenge (approximately $1.22) per ordinary share, representing 70 percent of KCell’s net income in 2013, and a special dividend of 95.14 tenge.

“In total, the proposed dividends will amount to 63.39 billion tenge representing 100 percent of the Company’s net income in the full year of 2013,” KCell said, quoting its board of directors.

If approved at the company’s shareholders’ meeting on May 21, the proposed annual dividend will be paid not later than June 30 and the proposed special dividend not later than Dec. 31.

The 2013 net profit of KCell, which is controlled by Nordic parent TeliaSonera, was worth $408 million at the rate of 155.50 tenge per dollar as of Jan. 30.

On Feb. 11, Kazakhstan’s central bank devalued the tenge by 19 percent.

$1 = 182.5450 Kazakhstan Tenges Reporting by Dmitry Solovyov; editing by Jason Neely

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