"KAMAZ" and "Sollers" upset shareholders

The KamAZ and Sollers companies announced that they would not pay dividends for 2014. They need money to finance investment programs and repay the debt.

“At the profit that we received last year, it is ridiculous to talk about dividends - only 211 million (rubles) of corporate profit, ” Interfax reported the words of the general director of KamAZ Sergey Kogogin. “I will recommend the board of directors not to pay dividends.” The Council will consider the issue of May 21.

“According to preliminary data, a decision will be made on non -payment of dividends, ” the representative of Rostec (owns 49.9% of KamAZ) to Vedomosti . According to him, the funds will go "to modernize and maintain the financial stability of the company."

In the previous two years, KAMAZ returned 10% of net profit to shareholders, recalling Vedomosti: 488 million rubles for 2012 after a 20-year break, 205.6 million rubles for 2013.

Refuse payments for 2014 and Sollers. Such a recommendation was given by the board of directors on Thursday, the company representative said. According to the results of 2012 and 2013, Sollers returned 1.8 billion rubles to shareholders. This year, the profit will go to pay off the debt, the company representative said.

Representatives of the GAZ Group and the Basic Element Holding, which it includes, did not comment on the possibility of paying dividends for 2014.
AvtoVAZ last paid dividends in 2007. But, we recall, AvtoVAZ from June 1 increases the salary of all employees.