Banca Transilvania (BSE ticker: TLV) is asking its shareholders to approve the distribution of dividends worth RON 902 mln (EUR 183 mln) from its cash reserves, according to a General Shareholder Meeting (GSM) notice sent to the Bucharest Stock Exchange.

The meeting is scheduled to take place on September 29, 2023.

The group also wants to get its shareholders’ approval for a new program of corporate bond issues worth up to EUR 1.5 billion over the next five years.

Banca Transilvania recently announced that it complemented with EUR 190 million its capital raising program to finance the economy by issuing bonds, thus reaching almost EUR 1 billion.

As for the dividends, the proposed gross dividend per share is RON 1.13 and represents 5.4% of its share’s closing price on August 24 - RON 20.8. Banca Transilvania has paid dividends every year since 2016.

The group is expected to announce record profit for the first half of 2023 on Friday (August 25).

editor@romania-insider.com

(Photo source: company photo)