VSMPO-AVISMA to pass 2019 dividends

AK&M 04 August 2020 09:25

VSMPO-AVISMA will not pay the 2019 dividends, the company informed following the recent meeting of the Board of Directors.

VSMPO-AVISMA Corporation's 2020 order portfolio replenishment is progressing according to the upside scenario. However, the company needs to mobilize financial resources to ensure normal operation and lay foundation for sustainable future growth, the statement emphasizes.

The Board of Directors also recommended that no remuneration be paid to members of VSMPO-AVISMA's Board of Directors for the period of service from May 21, 2019 to September 3, 2020, nor to the members of the audit commission for their service in the same period.

These and other recommendations are subject to review and final approval at the AGM on September 4, 2020.

Public stock company VSMPO-AVISMA Corporation (tax number: 6607000556) is the largest worldwide manufacturer of titanium products with an integrated production chain from feedstock processing to the output of finished products with high value added by mechanical processing. The corporation supplies to the markets of 50 countries, is deeply integrated into the global aerospace industry and is a strategic supplier for many companies. The management team of VSMPO-AVISMA owns a controlling block of shares in the company, while Rostec holds 25% plus one share.