The company will start paying dividends on July 16.
Shareholders approved the distribution of RON255 million as dividends half of the net profit made in 2018. Another RON240 million of the 2018 profit will constitute the company’s own financing sources. Employee participation in profit-sharing amounts to RON14.27 million.
Transgaz rejected its majority shareholder’s proposition to distribute dividend totaling RON446 million and allocate just RON49.5 million for its own financing resources. It said the approval of the government’s proposal was conditional on the achievement of the investment plan for 2019.
“If Transgaz does not achieve the 2019 investment plan until the end of this year, it shall be obliged to convene the General Meeting of the Shareholders for the redistribution and transfer as dividends, until the end of 2019, of the profit allocated and not used for investments, up to the amount representing 90% of the profit for year 2018,” the company said.
Transgaz had a net profit of RON490.4 million in 2018, down 16% compared with 2017.