OREANDA-NEWS. The shareholders of the Russian motor producer GAZ have approved the payment of RUR42,3 (approx. USD1,63) per common and preferred share.

The company will allocate USD780m for dividend payments for 2006, which is 10 percent more than in 2005. The company's management attributes this increase in the annual dividend to higher free float after the completion of the additional share issue, as well as to the consolidation of GAZ Group's assets.

The shareholders have also approved GAZ's annual report and financial statement, elected new members of the Board of Directors, and appointed an auditor for 2007.