Telecom Argentina S.A. (NYSE: TEO) said that in the second part of the general ordinary shareholders meeting on April 29, 2014 it adjourned to May 21, 2014 a cash dividend distribution was approved in the amount of P1,201,757,911.
The payment of the dividend will be made in two equal installments of P600,878,955.50 each. The first installment will be paid on June 10th, 2014 and the second one in September 2014 when the board of directors determines the date for such payment.
The amount to be distributed in the first installment is equivalent to P0.62 per outstanding share in circulation or P3.10 per ADR, prior to deductions of the personal asset tax and income tax obligations.
For ADR holders, the record date is June 9, 2014 and the payment date is June 17, 2014. 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 June 9, 2014 and payment will be available as from June 10, 2014. For these shareholders, payment will be made through Caja de Valores S.A. in Argentina.
Telecom 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. Additionally, through a controlled subsidiary, the Telecom Group offers cellular services in Paraguay.