On October 17 KEGOC published decision of the Extraordinary General Meeting of shareholders on the payment of dividends for 1H2016.
According to the materials, the General Meeting of Shareholders decided to approve the size of the dividend per one ordinary shares of KEGOC in the amount of 24,93 tenge. Also, General Meeting of Shareholders decided to finalize the list of the Company’s shareholders, who is entitled to obtain dividends on KEGOC shares at the end of 1H2016, on 7 November 2016 00.00 am. To determine the date to start payment of dividends as of 14 November 2016.
The decision to pay the semi-annual dividend of 40% of net profit was expected by us, and therefore we consider the news as neutral.
We reiterate our "Hold" recommendation with a 12M target price of T883 / share.