Shareholders of Romania's Transgaz approve extra dividend, other SOEs to follow

The shareholders of Transgaz, the operator of Romania's national natural gas transmission system, approved in the general meeting on December 3 the distribution of a supplementary dividend of RON 1.14 per share (resulting in a 0.32% yield for a share price of RON 350 in the same day), the total amount paid amounting to RON 13.5 million. Out of this, the state as a major shareholder will receive RON 7.8 million, local Ziarul Financiar reported. It is the perhaps smallest, but only the first of the supplementary dividends the state owned enterprises in the energy sector will pay this month at the Government's request. The supplementary dividends are paid out of companies’ own reserves (retained earnings) and will have no impact on the disbursement of dividends out of this year’s profit, during 2019. Nuclearelectrica, Romgaz, Transelectrica and Transgaz were required by the Government as the majority shareholder to distribute additional dividends that are aimed at helping the Finance Ministry meet the 3% of GDP general government budget deficit target. The four companies are called to distribute altogether RON 1.3 billion (EUR 280 mln, 0.15% of GDP) to the state budget, of which 95% will be delivered on December 28. Transelectrica will pay RON 67 million in dividends on January 25, 2019. Romanian state reaches to its richest companies for extra dividends editor@romania-insider.com