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February 2, 2011

RUSSIA: AvtoVAZ holds 2010 dividend

The shareholders of Russia’s largest carmaker AvtoVAZ have recommended that the company not pay dividends for 2010, Sergei Skvortsov, managing director at Russian investment company Troika Dialog, one of the company’s shareholders, told reporters.

The shareholders of Russia’s largest carmaker AvtoVAZ have recommended that the company not pay dividends for 2010, Sergei Skvortsov, managing director at Russian investment company Troika Dialog, one of the company’s shareholders, told reporters.

The company did not pay dividends for 2009 and 2008, Prime-Tass noted.

The board of directors of AvtoVAZ could launch a stock option programme for the company’s management in March, Skvortsov also said, adding that parameters had been given preliminary approval in 2010.

In July 2010, the company’s shareholders offered to earmark 2%–3% of its charter capital for the programme. The program could be implemented in 2012–2016 and be financed by banks, Skvortsov said then.

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