OMV Petrom (SNP), the biggest company in Romania, could disbursedividends of around 1 billion lei (245 million euros, at theexchange rate of 4.1 lei/euro) from last year's profit, accordingto a proposal of the company management set to be discussed in thegeneral shareholders meeting (GM) on April 26.
Austrian group OMV, which holds 51% in Petrom, will collectaround 510 million lei (124 million euros). Since 2004, when theytook over control of the company, the Austrians have collectedclose to 500 million euros in dividends. OMV paid 669 million eurosto the Romanian state for 33% in Petrom and boosted its stake to51% after an around 830 million-euro capital increase.
The Economy Ministry, which holds 30.6% in Petrom, will collectover 50 million lei in dividends, as will Fondul Proprietatea(Property Fund - FP), which has 20.1% in the company. The stateintends to sell a 9.64% stake in Petrom worth 550 million lei onthe Stock Exchange by mid-year, currently being in the process ofselecting the broker. Petrom last year posted a record-high netprofit of 2.2 billion lei (516 million euros), according tointernational financial reporting standards (IFRS), 156% more thanin 2009, while its business climbed 16%, to 18.6 billion lei (4.37billion euros). The value of the gross dividends proposed by Petromto the shareholders is 0.0177 lei/share, accounting for 4.2%(yield) of the share price. Petrom shares gained 23% since thebeginning of the year, ending yesterday at the price of 0.42 lei.The company's capitalisation is 5.75 billion euros.
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