London-listed Kazakh oil and gas producer KazMunaiGas Exploration Production (RDGZ.KZ) said Wednesday its board of directors recommended a dividend of 656 tenge per share ($4.34) for 2008.
KazMunaiGas Exploration Production, or KMG EP, said in a statement that it would amount to approximately $0.73 per global depository receipt.
"The board's recommendation is based on the KMG EP's stated policy of paying out 15% of net income, but also includes a further 5% of net income as a special dividend to reflect the exceptionally strong financial performance in 2008 and a significant amount of cash accumulated by the company," KMG EP said.
The company said the total amount of the dividend for 2008 will be approximately KZT48 billion. The dividend is expected be paid to the shareholders on record as of June 8, 2008, and the payments will start July 13, 2009.