Kazakhtelecom shareholders reach agreement on dividend payouts on the second attempt

During a general meeting, the shareholders of Kazakhtelecom agreed to make dividend payouts for 2022, the company said in a press release. Last spring, they refrained from doing so.

The company is going to pay about $70.9 million in total or $6.46 per share. Those who hold common shares will receive $69 million, while the remaining money will be allocated for privileged shares. The company’s charter and legislation require Kazakhtelecom to make dividend payouts to those who hold privileged shares not less than 30% of their nominal cost.

Before making their final decision, the shareholders reviewed the financial and economic performance of the company as of December 2022, along with stability and liquidity indicators.

Samruk Kazyna is set to be the largest recipient of these dividend payouts, as the fund controls 79.24% of the company’s shares and will receive $55.8 million. Another significant shareholder in the operator’s stock is Jusan Bank, which acquired an 8.1% stake on the KASE.

In May 2022, when shareholders of Kazakhtelecom gathered for a general meeting, they decided not to pay dividends for the year 2022 despite the threefold growth of revenue. Even though the company had said that it cut the dividend payout, it never warned that would not distribute the revenue at all.