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Legislation Company News SECURITIES MARKET NEWS SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VT- -an3, Custody August 20, 2020 Issue No. 2020/32 Legislation Russia, Malta agree to raise tax on dividends, interest to 15% On August 14, 2020 Russia’s Finance Ministry said that Russia and Malta agreed to increase tax on dividends and interest to 15%. On August 13, 2020, the authorities of Russia and Malta agreed on a draft protocol to amend the Convention between the two states on prevention of double taxation and tax avoidance concerning income taxes( and also agreed to increase tax on dividends and interest to 15%, except for a limited list of institutional investment Russian President Vladimir Putin suggested in March imposing a 15% tax on dividend yield withdrawn to accounts in foreign jurisdictions, which would re,uire adjustments to agreements on avoidance of double taxation with other countries Russia will cancel such deals unilaterally if the agreements are not reached On August 10, an agreement on the Russian terms of new taxation deal was reached with Cyprus Company News Mobile operator MTS buys back 0.075% of its share capital On August 14, 2020 it was reported that -astion, a wholly.owned subsidiary of major Russian mobile operator MT0, has ac,uired 1,500,110 MT0 shares, including American depositary receipts, representing 0 015% of the operator’s share capital The shares were ac,uired under the repurchase plan announced on March 31 2nder the Russian law, MT0 must disclose any shares ac,uired by the company or any of its subsidiaries Rosneft buys back USD 800,000 securities on August 10–14, 2020 On August 11, 2020 it was announced that Russian oil major Rosneft bought bac3 155,011 shares and global depositary receipts 45DRs7 for 20D 800,000 on August 10914 The company bought 42,010 common shares and 112,941 5DRs The weighted average price stood at 20D 5 1 apiece 0ince the launch of 20D 2 bln buybac3 program on March 23, the company bought bac3 44 816 mln securities for 20D 196 2 mln TMK applies for delisting from London Stock Exchange On August 11, 2020 it was stated that Russian oil and gas pipe ma3er TMK sent an application for delisting of its global depositary receipts 45DRs7 from the London 0toc3 Exchange 4L0E7 The delisting is expected to ta3e place on 0eptember 16 TMK is to delist the 5DRs from the L0E as continuation of a decision of TMK’s board of directors of April 8, 2020 not to consider prolonging the 5DR listing on the L0E as strategic priority after completion of a voluntary offer of the Volzhs3y Pipe Plant, a 100% affiliate of TMK on the ac,uisition of TMK shares It is expected that delisting will be held on 0eptember 16, 2020 TMK said in April it would buy bac3 34 1% in the company for R2- 61 per security and after that delist from the L0E At the end of Auly, the shareholders presented about 230 mln shares, or 22 3% of the capital for R2- 14 021 bln RUSAL expects switch into Russian jurisdiction until end of September 2020 On August 18, 2020 it was reported that aluminum giant 2C R20AL expects re.registration from the Aersey Island into the Russian jurisdiction to finish at the end of 0eptember 2020 The date of registration depends on the date of approval by regulatory bodies, and may change 0hareholders of R20AL approved re. registration in August 2019 1 Former deputy minister Ismailov becomes VimpelCom president On August 19, 2020 the board of directors of Russian mobile operator VimpelCom, wor3ing as -eeline, appointed former Deputy Digital Development Minister Rashid Ismailov as the company’s president Ismailov was wor3ing at the ministry since 2013 till 2018 VimpelCom’s charter understands the president as the one responsible for management of provision of connection services for certain state authorities The changes will not impact the current operating activities of the company or the goals set for the general director 5eneral Director Alexander Torba3hov will remain in charge of operating activities Dividends/coupons CEO says Novatek to raise share of profit it pays as dividends On August 14, 2020 Leonid Mi3helson, CEO of Russian independent gas producer Covate3, said that the company’s board of directors would discuss plans to raise the share of profit it pays as dividends on August 25 In Auly, Covate3’s Deputy CEO Mar3 5yetvay said that the company planned to raise the share of dividend payments, and discuss the issue at the next meeting of the board of directors Currently, the company’s dividend policy says that it should pay at least 30% of the net profit calculated under International Financial Reporting 0tandards 4IFR07 in dividends ALROSA to pay no dividends for January–June 2020 over low free cash flow On August 14, 2020 Alexei Filippovs3y, Deputy CEO of Russian diamond mining giant ALRO0A, said that the company would pay no dividends for Aanuary9Aune 2020 due to a low free cash flow in the period On Aune 25, the shareholders approved payment of R2- 19 4 bln in dividends for Auly9December 2019, which accounted for 100% of the company’s free cash flow for the period, the maximum allowed by the dividend policy The Russian government owns a 33 03% sta3e in ALRO0A, the Da3utia republic 25% plus one share, districts of the republic 8%, the free float is about 34% Rusagro board of directors recommends USD 25.6 mln in interim dividends On August 14, 2020 the board of directors of Russian agricultural holding Rusagro recommended paying 20D 25 561 mln in interim dividends The shareholders are to consider the recommendation at an extraordinary general meeting on 0eptember 18 Ta3ing into account that the company owns 2,135,313 own 5DRs 4global depositary receipts with each 5DR accounting for 1 share7 that would be excluded from distribution of dividends, the company will pay 20D 0 95 per share or 20D 0 19 per 5DR Excluding the treasury 5DRs, the family of Russian businessman Vadim Mosh3ovich owns around 11 9% in Rusagro, CEO Maxim -asov holds 1 3%, and free.float accounts for 20 8% Detsky Mir board recommends paying RUB 2.5 per share in 2019 dividends On August 11, 2020 the board of directors of Russia’s largest children goods retailer Dets3y Mir recommended paying another R2- 2 5 per share, or a total of R2- 1 85 bln, from undistributed profit for October9December 2019 in dividends for 2019 In Auly, the shareholders approved paying R2- 2 211 bln, or R2- 3 per common share, in final dividends for 2019 Tatneft board recommends paying RUB 9.94 per share in January–June 2020 dividends On August 18, 2020 the board of directors of Russian oil company Tatneft recommended paying R2- 9 94 per share in dividends for Aanuary9Aune The shareholders will consider the recommendation at an extraordinary general meeting on 0eptember 30 The record date is recommended to be set at October 12 En+ Group unlikely to pay dividends in 2020 On August 18, 2020 5regory -ar3er, executive chairman of the board of EnE 5roup, stated that the company was unli3ely to pay dividends in 2020 and cannot ma3e forecasts for 2021 so far EnE 5roup pays dividends at least twice a year in 2011, amounting to 15% of a free cash flow of the energy segment but at least 20D 250 mln per year plus 100% of the dividends received from R20AL The company decided against dividends for the 2018 financial year due to extraordinary challenges Cherkizovo board recommends RUB 48.79 per share in January–June 2020 dividends On August 19, 2020 the board of directors of Russian meat producer Cher3izovo 5roup recommended paying R2- 48 19 per share in dividends for Aanuary9Aune The company paid R2- 48 19 per share in dividends for Aanuary9Aune 2019 as well The record date is recommended to be set at October 5 Polyus to pay RUB 244.75 per share in final dividends for 2019 On August 19, 2020 shareholders of Russian gold producer Polyus approved a decision to pay R2- 244 15 per share in final dividends for 2019 The company paid R2- 162 98 per share in dividends for Aanuary9 2 March 2019 Previously, the company paid R2- 131 11 per share in dividends for Aanuary9Aune 2018 and R2- 141 12 in final dividends for the year Tycoon 0aid Kerimov is the core shareholder of Polyus Qiwi’s board approves USD 0.33 per share in dividends for April–June 2020 On August 19, 2020 the board of directors of Russian payment system operator Fiwi approved paying 20D 0 33 per share in dividends upon results of April9Aune The dividend record date is 0eptember 22, 2020, and the company intends to pay the dividend on 0eptember 24, 2020 The holders of American depositary shares 4AD0s7 will receive the dividend shortly thereafter Fiwi paid 20D 0 28 per share in dividends for April9Aune 2019 Acting Chief Financial Officer Varvara Kiselyova said at a conference call that Fiwi hopes to spend at least 50% of adjusted net profit calculated under International Financial Reporting 0tandards on dividends in 2021 Fiwi’s board of directors decided in March that dividends in 2020 are to account for at least 50% of adjusted net profit for the period Please be advised that the information presented in this newsletter is based on the following sources: National Settlement Depository (NSD); Clearstream Banking; Euroclear Bank; PRIME-TASS information agency; “Kommersant”, "Rossiyskaya Gazeta”, “Izvestiya, "Vedomosti”, “The Moscow Times“ newspapers, and others. For more information 3indly contact: Anna Enfiandzhiants Evgenia Makarova Julia Dombrovskaya T E1 44957 183 13 91 T E1 44957 183 13 64 T E1 44957 183 13 15 F E1 44957 183 13 89 F E1 44957 183 13 89 F E1 44957 183 13 20 E anna enfiandzhiantsGvtb ru E ma3arovaeyGvtb
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