1. General provision
1.1. The dividend policy has been developed according to acting legislation of the Republic of Uzbekistan and internal documents of “NAMANGANVINO” JSC (hereinafter referred to as the Company).
1.2. Principles followed by the Supervisory Board of the Company at preparation of recommendations for the Shareholders General Meeting for decision making on income distribution, including dividends payment are defined in the dividend policy.
1.3. The Supervisory Board of the Company follows aims for observance of rules and increase of earnings of the Company’s Shareholders by dividends payment and increase of par value shares of the Company at recommendations preparation.
2. Dividends rate calculation principles
2.1. Dividends rate calculation shall be made on the basis of net profit rate of the Company reflected in annual financial report of the Company,
2.2. The following principles are observed at dividends rate calculation:
– accountability of dividends rate defining mechanism;
– equation of short term (incomes gain) and long term (Society development) interests of shareholders;
– Company’s investment attractiveness and capitalization increase.
3. Dividends rate calculation order
3.1. The net profit calculation, set in the paragraph, allows direct about 25% of the Company’s net profit to dividends payment.
3.2. Net profit distribution shall be made as follows:
– Part of the net profit, 5-10% minimum, shall be directed to reserve fund formation according to the Company’s Charter.
– Part of the net profit, 25% at average, shall be directed to dividends payment.
– Part of the net profit, 65-70% at average, shall be directed increase of the Authorized Capital for development and application at the Company’s investment activity;
4. Order for preparation of dividends payment decision making
4.1. The Supervisory Board of the Company provides recommendations on dividends rate for the Shareholders General Meeting considering for dividends payment decision making.
4.2. Provisions of the acting legislation of the Republic of Uzbekistan are considered at recommendations preparation:
dividends rate defined by the Shareholders General Meeting cannot be more than rate recommended by the Company’s Supervisory Board;
The Shareholders General Meeting has the right to make decision on dividends nonpayment.
5. Form and term of dividends payment
5.1. Dividends shall be paid according to the Company’s Charter and legislation of the Republic of Uzbekistan not later than sixty days after the Shareholders General Meeting decision making:
– to legal entities by transfer to bank accounts;
– individuals residing in Tashkent city by transfer to bank plastic cards or via the Company’s cash;
– individuals residing in regions of the Republic of Uzbekistan via regional bank cashes.
List of people with right to dividends gain shall be made according to the Company’s Shareholders register data.
6. Disclosure of information
Company allocates information on dividends payment and amendments at web-site of the authorized governmental body for securities market regulation and at the “NAMANGANVINO” JSC site.