MOSCOW, August 15 (RIA Novosti commentator Peter Lavelle). A leading business daily in Russia reports that the owners of the regional energy company Megionneftegaz have called an EGM to approve an interim dividend for 1H05 of as much as $919 million.
According to Vedomosti, the EGM will be scheduled for September 30, with the record date set for today. MegionNG is 45.5% owned by Slavneft, which in turn is 99% owned (on par) by Sibneft and TNK-BP.
The suggested dividend by far exceeds dividend payments made by the company in prior years - MegionNG paid $1.7 million for 2001, $200,000 for 2002, $200,000 for 2003 and omitted a dividend for 2004.
MegionNG's decision to pay such large a dividend is in line with Sibneft's recent dividend policy, paying out $2.29 billion to core shareholders in early July. It appears that Roman Abramovich plans, though his investment vehicle Millhouse, to continue to sell out of companies that he had cashed in on as much cash as possible.
