The Ordinary General Meeting of Transgaz Shareholders decided on Monday, July 26, to keep the value of the dividend granted to shareholders at about 50%, according to a document submitted to the Stock Exchange. TGN shares have not significantly changed on the stock exchange, maintaining their downward trend of the recent weeks. The Romanian state owns over 58% of Transgaz shares.
Thus, the OGMS decided “with 7,966,416 votes ‘For’, representing 90.052430% of the total number of votes cast, with 879,960 votes ‘Against’ representing 9.947070% of the total number of votes cast and with 44 votes ‘Abstentions’, representing 0.000500% from the total number of votes cast” to approve ”the maintenance of the quota of 50.01707% at the distribution of the net profit in the form of dividends for the year 2020, approved by the OGMS Decision no.3/2021,” is shown in the document consulted by Energynomics.
Initially, the state budget would have needed a higher dividend from companies with predominantly state shareholders, such as Transgaz, and the value of the dividends could have been increased to 90%, depriving the company of the funds needed to finance future projects. The government reconsidered the initial decision to increase dividends – taken by a special memorandum adopted in May – especially in view of the need to co-finance the company’s future projects.
In 2020, Transgaz paid dividends of 57% of the 2019 profit to the shareholders.