Russia's Yandex, under new ownership, proposes dividends for first time

Reuters07-30

July 30 (Reuters) - Russian technology company Yandex

on Tuesday said it may start paying dividends for the first time, as it reported a sharp rise in core earnings soon after completing a lengthy and complex split from its Nasdaq-listed, Dutch parent company.

A Russian consortium of buyers this month finalised a $5.4 billion cash and shares deal to acquire Yandex's Russia-based assets, which had been held through Nasdaq-listed Dutch parent Yandex NV , the largest corporate exit since Russia's invasion of Ukraine in February 2022, albeit at a hefty discount.

Yandex, since its foundation in the late 1990s dotcom boom, has always prioritised growth over dividends, preferring to reinvest profits back into the company's varied tech services, from search and advertising, to ride-hailing, e-commerce and cloud.

Yandex said its management had recommended that the board consider a dividend of 80 roubles ($0.9302) per share, to be paid by the end of October, subject to shareholder approval. Yandex said it believed the company should pay dividends twice a year going forward.

($1 = 86.0000 roubles)

(Reporting by Alexander Marrow Editing by Shri Navaratnam)

((alexander.marrow@thomsonreuters.com;))

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