Dividend policy and profit distribution

The General Meeting of Shareholders in tis resolution dated August 4, 2016 adopted the Dividend Policy (Minutes No. 1).

The purpose of the dividend policy of the Company is to ensure a balance of interests of the Company and Shareholders, predictability and transparency of the approach in determining the size of dividends, conditions and the procedure for their payment

The main principles of the dividend policy of the Company are:

  • The principle of a guaranteed payment of dividends for the entire block of shares of the Company in circulation, as well as making payments and expenses on the instructions of the General Meeting of Shareholders;

  • The principle of the Company's operation funding, including financing of new types of activities and investment projects implemented at the expense of the Company's funds.

The conditions for payment of dividends by the Company are the following ones:

  • The Company has a net income(total profit) for year in accordance with the financial statements, confirmed by independent auditors or retained earnings;

  • No restrictions on the dividends payment provided for by applicable law;

  • Recommendation of the Board of Directors of the Company on the amount of dividends;

  • Resolution of the General Meeting of Shareholders of the Company.

In compliance with the legislation of the Republic of Kazakhstan, the Company's Charter and the Regulations on Dividend Policy, the Board of Directors of the Company makes a proposal on the procedure for the Company's net profit distribution for the reporting financial year and dividend amount per one ordinary share of the Company based on the audited financial statements.

The final decision on the amount of dividends is made by the General Meeting of Shareholders.

By the decision of the General Meeting of Shareholders dated August 31, 2018, the following procedure for the distribution of net income for 2017 in the amount of 2,399,221 thousand tenge was approved. Part of the dividends was paid off by offsetting receivables of the parent company, part of the dividends was paid in cash.