Steppe Cement Limited Statement re Interim Dividend Policy (1762S)
12 November 2021 - 6:00PM
UK Regulatory
TIDMSTCM
RNS Number : 1762S
Steppe Cement Limited
12 November 2021
12 November 2021
Steppe Cement Ltd
Interim Dividend in light of Regulatory Changes
After careful consideration of the changes in certain government
regulations in 2021 in Kazakhstan and having taken independent
accounting advice, the Board has been made aware that an Interim
Dividend may attract a 15% Withholding Tax when paid to a foreign
holding company.
The position of the Kazakhstan Tax Department is that dividends
can only be declared from post-tax profit once the accounts are
audited and the Annual General Meeting has approved the audited
accounts.
The Board is of the opinion that paying the 15% Withholding Tax
and hoping to recover it in the summer represents a significant
risk and has therefore decided to pay the Dividend for 2021 only
after the Annual General Meeting.
The financial position of the company remains as indicated in
the first half announcement and the Net Cash position (cash minus
debt) is USD 12 million.
This policy on Interim Dividends will continue until the Board
is convinced that payment of Interim Dividends can be made under
the same conditions as the Final Dividend.
Steppe Cement's AIM nominated adviser and broker is RFC Ambrian
Limited.
Nominated Adviser contact: Stephen Allen or Andrew Thomson on
+61 8 9480 2500.
Broker contact: Charlie Cryer at +44 20 3440 6800
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