Transgaz plans to distribute RON255 million to shareholders, half of the net profit made in 2018.
“The proposal for allocating by destinations the net profit amounting to RON495,675,108, according to Government Ordinance 64/30 August 2001 on the allocation of profits to national companies and trading companies owned by the state or where the state is a majority shareholder and the autonomous administrations, is as follows: dividends to the shareholders (RON255,021,461.04); profit for the establishment of own financing sources (RON240,653,646.96)”, the company said in a report submitted to the Bucharest Stock Exchange.
“No dividends were distributed in accordance with the provisions of Art. 43 of GEO 114/2018 due to the fact that on 31 December 2018 35% of the amounts allocated to other reserves according to Art. (1) (g) of Government Ordinance 64/2001 on the allocation of profits in national companies and trading companies owned by the state or where the state is a majority shareholder and the autonomous administrations, approved as supplemented by Law 769/2001, as further amended and supplemented, found in the existing cash in hand and 2 bank accounts as well as those related to short-term investments, are committed under procurement contracts, to be used as own funding sources”, the report also reads.
The Romanian state, as majority shareholder of Transgaz, will have to hold a vote on the proposition of the company’s Board of Directors, at the assembly of shareholders scheduled for April 23, 2019.