Petrobras reports that its Board of Directors approved in a meeting held yesterday the distribution of early remuneration to shareholders as Interest on Capital (IOC), as defined in art. 9, sole paragraph of its bylaws and in article 9 of Law 9.249/95.
The value to be distributed, totaling R$652.2 million, corresponds to a gross amount of R$0.05 per share, to be paid on May 25, 2018 proportional to each shareholder’s stake and to be provisioned in the 2Q 2018 financial statements, based on shareholding positions as of May 21, 2018.
In addition, the Board of Directors approved the adjustments in the Dividend Distribution Policy, which was renamed Shareholder Remuneration Policy to reflect, in particular, the statutory changes approved at the Extraordinary General Meeting of April 26, 2018.
Starting from the first business day after the cut-off date (May 21, 2018), shares will be traded ex-interest on capital at B3 and other stock exchanges where the company is listed.
This IOC advance will be imputed to the mandatory minimum dividend (article 53, paragraph 4, of the Bylaws) including for the purpose of payment of priority minimum dividends of preferred shares.
The amount of R$ 0.05 per common share or preferred share related to the JCP will be subject to income tax, by applying the applicable tax rate. Income tax withholdings will not be applied to shareholders whose registered data proves to be immune or exempt until May 24, 2018, or shareholders domiciled in countries or jurisdictions for which the law establishes different treatment.
The Shareholder Compensation Policy can be accessed here.