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M.Video Plans to Pay Record First-Half Dividend, Vedomosti Says

Aug. 30 (Bloomberg) -- M.Video, a Russian electronics retailer, plans to pay a record first-half dividend, Vedomosti reported, citing remarks by Chief Financial Officer Christopher Parks during a conference call yesterday.

The company’s board will recommend that shareholders approve a payout of as much as 30 rubles per share, or a total of 5.39 billion rubles ($167 million), the newspaper said. M.Video has enough cash to open more stores and doesn’t see attractive acquisition opportunities, according to Vedomosti.

To contact the reporter on this story: Ilya Khrennikov in Moscow at ikhrennikov@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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