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Transgaz distributes record 81.6m euros in dividends

Autor: Andrei Chirileasa

22.03.2011, 23:50 16

The state will collect 60 million euros in dividends from one ofthe most profitable companies in its portfolio, Transgaz, whileFondul Proprietatea (Property Fund) will receive around 12.2million euros.

Natural gas transmission company Transgaz Mediaş (TGN),controlled by the Economy Ministry, will distribute recorddividends to its shareholders, worth 338.7 million lei (81.6million euros) of last year's net profit, according to the proposalto be debated by the company's shareholders at the end ofApril.

The value of the gross dividend per share is 28.77 lei andaccounts for 11% of the price at which Transgaz shares endedyesterday's trading session, 261 lei/share. Last year, Transgazdistributed a gross dividend of 13.02 lei/share.

The rise in the Transgaz dividend comes after the companyreported a record profit for 2010, of 376 million lei (88 millioneuros), with the state forcing companies in its portfolio todistribute a minimum of 90% of their profits in form of dividends,compared with a minimum of 50% last year.

The Economy Ministry, which controls 73.5% in Transgaz, willcollect 249 million lei (60 million euros) in dividends, while theFP, which holds nearly 15%, will receive around 50.8 million lei(12.2 million euros) in gross amount.

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