Nizhnekamskneftekhim’s AGM to take place April 18th

On Friday, Nizhnekamskneftekhim’s (NKNC) BoD scheduled the AGM for April, 18th. The record date to participate at the AGM is March, 2nd. The AGM is to consider the dividend for 2012. If the company maintains its pay-out ratio, the dividend yield should make up 10% for NKNC and 11.5% for NKNCP, under the current price levels.

On Friday, February 22nd, Nizhnekamskneftekhim’s (NKNC) BoD scheduled the AGM for April, 18th. The record date to participate at the AGM is March 2nd. The AGM is to consider the dividend for 2012. We note that historically NKNC used to pay 30% of its net income in the form of dividends. The BoD will provide its recommendation regarding 2012 dividends on March, 18th. Based on the historical pay-out, this year the dividend should make up approx. RUB 3.2 both per common and preferred stock. Under the current price levels, this would provide a 10% dividend yield for NKNC and a 11.5% yield for NKNCP.