The Board of Directors of the Russian leading car maker AvtoVAZ has recommended the annual general meeting of shareholders to pay dividends for 2002, i.e. 17 rubles (about $0.55) per preferred share and 5 rubles (about $0.16) per common share. According to the AvtoVAZ press service, the dividend payments will total 83.8m rubles (about $2.7m) for preferred shares (12 percent of the company's net profit for 2002) and 135.9m rubles (about $4.37m) for common shares. The total volume of profit to be distributed is 700.4m rubles (about $22.52m).
The share capital of AvtoVAZ is about 16.063bn rubles (about $517m). It produced 702,966 cars in 2002, 54,347 cars fewer than in 2001. This year, AvtoVAZ is going to make about 690,000 cars.