The ministry asked the company’s managing board to reanalyze several aspects of its report for 2010 and reconsider the dividend it proposes, citing a possible rating downgrade by Standard & Poor’s.
“Transgaz has been asked to reanalyze paying out dividends from 2010 profit, considering the resources necessary to finance its projects, to which Romania has already committed,” Transgaz said Friday in a statement.
The board decided to call a new shareholder meeting, on June 9, using the same agenda as the one for Friday’s meeting.
In January, Standard & Poor’s said in a report that Transgaz’s rating could be downgraded if the government reduced its support to the Nabucco pipeline project. In addition, paying dividends equal to 90% of last year’s profit could endanger Transgaz’s projects, the ratings agency said.
S&P has affirmed Transgaz’s ratings at BB+ for foreign currency loans and at BBB- for loans in Romanian lei, with stable outlooks.
Transgaz had proposed a gross dividend of 28.77 lei (EUR7.04) a share from the 2010 profit, more than double on the year. Total dividend would have amounted to RON338.7 million (EUR83.3 million).
The company reported a net profit of RON376.3 million in 2010.
Transgaz was listed on the Bucharest Stock Exchange at the beginning of 2008. The Economy Ministry owns a 73.5% stake, investment fund Fondul Proprietatea has almost 15% of its shares and the rest is distributed among minority shareholders.
Romanian authorities recently announced plans to list an additional 15% stake in Bucharest by year-end. (EUR1=RON4.086)