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RAPAPORT... ALROSA's supervisory board approved amended regulations on the mining giant's dividend policy today under which it will pay no less than 35 percent of net profit as determined by international financial reporting standards (IFRS). The minimum level of dividend in the previous version of ALROSA's policy, which was adopted in 2011, was 10 percent of net profit under the Russian Accounting Standards (RAS). In previous years, ALROSA's board recommended dividends that were guided by internal financial indicators and by what the Russian Federation recommended for state-owned companies. ALROSA paid a record dividend of $246.5 million (RUB 8.175 billion) in 2012, which was 24.3 percent of net profit under IFRS, or 32.5 percent of net profit under RAS. ALROSA conducted an initial public offering (IPO) of equity shares in October and raised approximately $1.3 billion, which was the largest offering to date on the Moscow Stock Exchange (MSE). Shares closed 2 percent higher to $1.05 (RUB 34.99) in light trading volume today on the MSE.
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