OREANDA-NEWS. PhosAgro (Moscow Exchange, LSE: PHOR), one of the world’s leading vertically integrated phosphate-based fertilizer producers, announces that an Extraordinary General Meeting of Shareholders ("EGM") held today has approved the payment of dividends in the amount of RUB 5,050.5 million, or RUB 39 per share (RUB 13 per Global Depositary Receipt) from unallocated net profit as of 31 December 2015. The record date for shareholders eligible to receive dividends has been set as 27 January 2017.

PhosAgro CEO and Member of the Board of Directors Andrey Guryev said: "This year PhosAgro intends to maintain is policy of paying out between 30% and 50% of its IFRS net profit as dividends, and in line with existing practice we aim to pay dividends just as regularly as in previous years.

"The completion of two major investment projects due in 2017 – the high-tech ammonia and urea lines – is expected to increase production output and income from sales, with the resulting growth in free cash flows likely to have a positive impact on future dividend payments.

"We plan to invest RUB 25 billion into the development of our mining, beneficiation, and downstream production plans in the year ahead."

The EGM also approved changes to the PJSC PhosAgro charter as it relates to new standards in the federal law on joint-stock companies governing large and related-party transactions, which came into effect on 1 January 2017. In addition, the EGM approved several related party transactions that are also large transactions.