Bogdan Tudorache

Transgaz shareholders were able to approve the dividends for the financial year 2018 with 93.7% of votes. Thus, the lower figure, of 21.66 lei per share, was approved, also previously proposed and rejected by the shareholders. Actually, in the previous GSM shareholders rejected both variants (including the one proposed by the government, of 37.89 lei) a month ago.

Thus, the shareholders’ meeting on Thursday announced that “approves the distribution of the net profit for the financial year 2018, as follows: Dividends due to shareholders – 255,021,461.04 lei and profit for the creation of own financing sources of 240,653,646.96 lei…and the participation of the employees to the profit takes place according to the provisions of art. 141 of the Collective Agreement concluded at SNTGN Transgaz in the amount of 14,278,572 lei”.

But the release also states that “approval is conditional upon the implementation of the investment program for the current year. In the event that SNTGN TRANSGAZ S.A. does not carry out the investment program for the year 2019 until the end of this year, the company has the obligation to convene the General Shareholders Meeting the with a view to redistributing and trasfering as dividedns by the end of 2019 the distributed and unused profit for investments, up to the amount representing 90% of the 2018 profit.”