Romanian oil and gas group OMV Petrom (BSE ticker: SNP) plans to distribute special dividends worth RON 2.55 bln (EUR 515 mln) from its cash reserves.

OMV Petrom’s shares were the only one in the BET index that ended the trading session on Tuesday in the green (up 0.44%) as the BET index went down 2.34% in line with the negative evolutions in international markets.

The company’s Board proposes a special dividend of RON 0.045 per share, which represents almost 10% of the share price of RON 0.46 recorded on June 14. On Wednesday, the SNP share gained another 3.9%, closing at RON 0.478.

“The above-mentioned special dividend proposal will lead to a total dividend/share distributed this year of RON 0.0791 (including the RON 0.0341 base dividend approved by the ordinary meeting of shareholders on April 27) and translates into a total dividend yield of 15.9% (based on the OMV Petrom share closing price as at December 30, 2021: RON 0.499/share),” the company explained in a report on the Bucharest Stock Exchange.

This special dividend proposal will be submitted for approval of the Supervisory Board on June 21, 2022 and subsequently to the Ordinary General Meeting of Shareholders.

It’s for the first time since the company’s privatization in 2004 when OMV Petrom proposes such special dividends.

“As announced in our 2030 Strategy, the Dividend Guidance of the company states the possibility of special dividends to be distributed, provided that the company’s investment plans are funded,” the company’s Board explained.

editor@romania-insider.com

(Photo source: the company)