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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

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Romania's Govt. changes management of power grid operator after dividend row

Romania’s Government changed the members of the Supervisory Board and management board of state-controlled power grid operator Transelectrica (TEL).

The new Supervisory Board reshuffled four of the five members of the management board and appointed a new CEO, Bogdan Toncescu, the company’s former Corporate Governance Director.

The decisions came after tensions between the company’s management and the Government related to the dividends disbursed from last year’s net profit.

The Government’s representatives in Transelectrica’s general shareholders’ meeting rejected the company’s initial dividend proposal and asked the company to come up with a new proposal. However, the company’s second dividend proposal was identical to the first one, which determined the Government to ask for the dismissal of the Supervisory Board members. In the end, the Government managed to squeeze RON 4 mln (EUR 0.81 mln) extra for dividends.

The final sum disbursed by the company from last year’s profit is RON 43.2 mln compared to the management’s initial proposal of RON 39.2 mln. The Government, which owns 59% of the company’s shares, will get RON 25.3 mln.

The company will also pay extra dividends from its reserves. The total gross dividend per share is RON 0.87, or 3.5% of the current share price of RON 25.

Transelectrica’s shares are down 2.3% year-to-date, compared to a 21% increase for the BET index.

andrei@romania-insider.com

(Photo source: Ed Metz/Dreamstime.com)

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

BVB

 

Romania's Govt. changes management of power grid operator after dividend row

Romania’s Government changed the members of the Supervisory Board and management board of state-controlled power grid operator Transelectrica (TEL).

The new Supervisory Board reshuffled four of the five members of the management board and appointed a new CEO, Bogdan Toncescu, the company’s former Corporate Governance Director.

The decisions came after tensions between the company’s management and the Government related to the dividends disbursed from last year’s net profit.

The Government’s representatives in Transelectrica’s general shareholders’ meeting rejected the company’s initial dividend proposal and asked the company to come up with a new proposal. However, the company’s second dividend proposal was identical to the first one, which determined the Government to ask for the dismissal of the Supervisory Board members. In the end, the Government managed to squeeze RON 4 mln (EUR 0.81 mln) extra for dividends.

The final sum disbursed by the company from last year’s profit is RON 43.2 mln compared to the management’s initial proposal of RON 39.2 mln. The Government, which owns 59% of the company’s shares, will get RON 25.3 mln.

The company will also pay extra dividends from its reserves. The total gross dividend per share is RON 0.87, or 3.5% of the current share price of RON 25.

Transelectrica’s shares are down 2.3% year-to-date, compared to a 21% increase for the BET index.

andrei@romania-insider.com

(Photo source: Ed Metz/Dreamstime.com)

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