I extracted the excerpt below from the newly released Form 6K for Mobile Telesystems (NYSE: MBT). Which happens to be my top stock holdings– Check it out!

“Moscow, Russian Federation — Mobile TeleSystems PJSC (“MTS”, the “Company” or “the Group” — NYSE: MBT; MOEX: MTSS), the leading telecommunications provider in Russia and the CIS, announces that the Board of Directors (“the Board”) at a meeting on April 8, 2016, confirmed the Company’s new dividend policy and recommended approval of dividend payments for 2015 fiscal year at the annual general meeting of shareholders (AGM) to be held on June 23, 2016.

Under the new dividend policy, management sets a target payout of RUB 25.0 — 26.0 per ordinary MTS share (RUB 50.0 — 52.0 per ADR) per calendar year. The policy guarantees a minimum payout of RUB 20.0 per ordinary MTS share (or RUB 40.0 per ADR). The new policy will cover 2016 — 2018.

Payments will continue to be made on a semi-annual basis. Because the Company has long sought to more equally distribute dividends throughout the year, the Board recommended that an annual general meeting of shareholders (“AGM”) approve annual dividends of RUB 14.01 per ordinary MTS share (RUB 28.02 per ADR) or a total of RUB 28.0 bln based on the full-year 2015 financial results. In accordance with the new dividend policy, the Board will review proposals for an interim dividend in Fall 2016.

In addition, the Board has tasked management to consider the advisability of a share repurchase program as an additional way to create further shareholder value. As part of such a program, the Group could allocate up to RUB 30 bln to be spent over the next three years on the repurchase of shares. Such a program would require further approvals by the Board.”

What Does It Basically Say

This is a great news for shareholders. Because many people view MBT as a stock bought for the generous dividends payout- and that is also one of the reasons I bought this stock in the first place.

Under the new policy, MBT has set a minimum dividend payout of RUB40/ADR and targets RUB50 – RUB52/ADR for the year 2016-2018.

The dividends would be paid on a semi-annual basis. That is a huge payout!

For this half of the year, they are recommending a dividend of RUB 28.02/ADR to shareholders on record of July 5, 2016. For the full text of MBT’s dividend policy click here.

USD to RUB 12 April 2016

When the oil price recovers, so will the exchange rate of Ruble to USD. And so will the dividend amounts that I will be getting.

Let me put this in context. Right now, based on the current exchange rates, I would be getting, at least, $0.60/ADR up to $0.78/ADR for the year 2016. That is a 6% – 8.7% dividend yield based on the current share price of roughly $9. After deducting tax, it would be 4.2% – 6.09% dividend yield- if they would maintain the current price of $9.

And another good news is that the board is considering doing a share repurchase program as an additional way to create further shareholder value. They could allocate up to RUB30 bln to be spent over the next three years on the repurchase of shares. I love news like this. Don’t you?

Disclosure: I am long on MBT. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Important: Please read my disclaimer.