QIWI refrains from dividend payments for next few quarters, M&A in view
QIWI plc, (NASDAQ:QIWI) ("QIWI" or the "Company") said the following in a portion of the 2Q15 results, posted on 1 September 2015 on its website:
QIWI continues to pursue different M&A opportunities and considers the timing and current market conditions to favor this strategy. We plan to refrain from paying dividends for the next few quarters with the objective to return to our historical dividend distribution practice once this window closes.
Russian payment services company QIWI will refrain from payment of dividends with a view to possible acquisitions, according to Russian daily Vedomosti, which reported on this development. QIWI's chief executive officer Sergey Solonin told Vedomosti that the company is considering a possibility of acquiring payment services, and services for logistics and e-commerce.
The acquisitions will involve only Russian companies, and the buy could exceed USD 50m, Solonin was cited as saying.
QIWI's total adjusted net revenue for 2Q15 was RUB 2.525bn (USD 45.5m), and adjusted EBITDA increased 13% to RUB 1.483bn (USD 26.7m), the company said in the statement.