The shares of natural gas transmission company Transgaz Mediaş(TGN) lost 7% in yesterday's trading session, after the EconomyMinistry, which owns the controlling interests, rejected theproposition to disburse record dividends worth 338.7 million lei(83 million euros). The company's capitalisation dropped by 55million euros to 727 million euros.
"Investors were visibly annoyed by this (the rejection of theproposed dividend i.e.), because Transgaz's dividend policy hadbeen relatively predictable thus far and shares were put into thedefensive shares category, chosen for long-term investment," DarieMoldovan, head of operations with Broker Cluj was quoted as sayingby Mediafax.
The Economy Ministry explained its decision by pointing to thefact that Transgaz needed money for investments undertaken byRomania as part of the Nabucco gas pipe project.
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