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Zentiva to disburse record dividends of 30m euros

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20.03.2011, 23:54 14

Drug producer Zentiva Bucureşti (SCD) will pay out dividendsworth a total of 125 million lei (nearly 30 million euros) from theprofits of the last few years, the first amounts that the companyis distributing to its shareholders since the 1999privatisation.

Drug producer Zentiva Bucureşti (SCD), currently controlled byFrench group Sanofi Aventis, proposes to the shareholders thedistribution of a gross dividend of 0.1376 lei/share from thereserves set up from last year's net profit and an additionaldividend of 0.1622 lei/share from the reserves set up from previousyears' profits, according to the notice to attend the GeneralMeeting of Shareholders published on the Stock Exchange.

The overall gross dividend should therefore amount to nearly 0.3lei/share, i.e. 30% of the price at which SCD shares closed onThursday's Stock Exchange session, 0.991 lei. On Friday, after thepublication of the notice to attend, SCD shares surged nearly 15%on the Stock Exchange, the maximum allowed during a session, endingat 1.139 lei/share. At this price, the dividend yield is around26%.

The overall value of the dividends proposed by thepharmaceutical company amounts to 125 million lei (nearly 30million euros), close to the value of dividends to be distributedthis year by BRD, the second biggest bank on the Romanian market,and three times higher than the dividends disbursed by any of theSIFs (Financial Investment Companies).

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