CTC announced intention to pay dividends

Modern Times Group-backed Russian broadcast company CTC Media has announced its intention to pay an aggregate of US$40m (€30m) in cash dividends in 2010. The board of directors has approved the payment of the first instalment of the dividend in the amount of US$0.065 per outstanding share of common stock, or US$10m in total.

CTC Media has also announced its intention to pay the three remaining instalments of US$10m in June, September and December. MTG currently holds 60 million CTC Media shares, which is equivalent to 38.91% of CTC Media’s outstanding shares.