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Telecom Argentina declares dividends for FY 2014.


Telecom Argentina S.A. (BASE: TECO2)(NYSE: TEO) said shareholders approved a cash dividend distribution in the amount of Ps804,402,472, the creation of a 'Reserve for Future Cash Dividends' of Ps2,868,137,894; and the delegation of the authority to the board of directors to determine the allocation in one or more instances of an amount up to Ps649,336,936 of the Reserve for Future Cash Dividends and its distribution to the shareholders as cash dividends during 2015.

The dividend payment will be made starting on May 11, 2015. The amount to be distributed is equivalent to Ps0.83 per outstanding share in circulation or Ps4.15 per ADR, prior to deductions of the personal asset tax and income tax obligations.

For ADR holders, the record date is May 8, 2015 and the payment date is May 18, 2015. The payment to these shareholders will be made through the Depositary Bank, JP Morgan Chase Bank N.A.

For non-ADR holders, the record date is also May 8, 2015 and payment will be available as from May 11, 2015. For these shareholders, payment will be made through Caja de Valores S.A. in Argentina.

The company will deduct from the dividend payment the proportionate value of any amount of Personal Asset Tax paid by the company (pursuant to the unnumbered section following section 25 of Law No. 23,966, as amended) for fiscal year 2014. Deductions of Personal Asset Tax payments will not apply to shareholders who did not own shares or ADRs on December 31, 2014 and to those who have reimbursed the company the amount related to such tax obligations.

Telecom Argentina is the parent company of a leading telecommunications group in Argentina, where it offers, either itself or through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission and Internet services, among other services.

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Publication:Internet Business News
Date:Apr 30, 2015
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