The Romanian chemical plant Chimcomplex (BVB: CRC) announced in a note to investors that its shareholders approved the distribution of dividends of RON 27 million (EUR 5.4 million) from the RON 263 million net profit achieved in the financial year 2022, resulting in a gross yield of 0.5% according to calculations based on current market price.

The shareholders also approved the authorization of the Board of Directors to implement a buy-back program for a maximum number of 1 million shares (some 0.33% of the 302 million shares) at a minimum price equal to the market price at the time of acquisition (RON1 8.65 currently) and a maximum price of RON 24 per share, so that the program could amount to a maximum of RON 24 million (EUR 4.8 million).

The purpose of the buy-back program is to distribute shares as motivational packages (stock option plan) to administrators, managers and employees.

The company has a market capitalization of RON 5.7 billion (EUR 1.1 billion) and is 85% controlled by CRC Alchemy Holding, while the Romanian state holds almost 9% of the shares.

Since the beginning of the year, CRC shares have fallen by 20%.

iulian@romania-insider.com

(Photo source: Chimcomplex)