Romania's Transgaz plans to distribute record EUR 81 mln dividends

Bucharest Stock Exchange-listed natural gas transport company Transgaz (symbol TGN) will pay a record EUR 81.6 million in dividends to its shareholders, the equivalent of 90 percent of its profit last year. The proposal will be discussed in its shareholders' meeting at the end of April. The gross dividend per share is of RON 28.77, more than double compared to last year, while the company's shares on the Bucharest Stock Exchange are trading at RON 261 a share, based on the closing price on Tuesday. Transgaz' dividend last year was of RON 13.02 per share. The company reported a EUR 88 million record profit last year and was obliged by the state to distribute 90 percent of its profits through dividends. Last year, the company had to distribute only half of the profits. The main shareholders in Transgaz are the Economy Ministry, with 73.5 percent of the shares. Fondul Proprietatea owns a 15 percent share package. SIF Moldova and ING Romanian Equity each holder under 1 percent in Transgaz. editor@romania-insider.com