(CNW) Companhia Vale do Rio Doce (CVRD) has announced that its senior management has approved a proposal for dividend payment of (US) $1.65 billion to shareholders in 2007.
The payment will be made in two equal installments, on April 30 and Oct. 31, 2007.
Payments will be made in Brazilian funds and converted to US dollars according to the exchange rate published by the Central Bank of Brazil on the business day prior to CVRD's board of directors meeting that approves the dividend proposal.
The dividend proposed for 2007 represents an increase of 27 percent over the total dividend paid in 2006, (US) $ 1.3 billion, and an increase of 77.6 percent over the average annual dividend for the last five years.
