KMG International, a subsidiary of Kazakhstan’s state oil company KazMunayGas, has asked its Romanian oil services subsidiary Rompetrol Well Services (PTR) to also distribute some of its reserves as dividends.

KMG International, which holds 73% of Rompetrol Well Services, wants the company to distribute RON 29.2 mln (EUR 5.95 mln) from its reserves to shareholders. This would result in a dividend of RON 0.105 per share.

These dividends would come on top of the regular dividends that the company has already proposed to its shareholders from last year’s net profit – some RON 4.36 mln (EUR 0.89 mln) or 0.0157 per share. Thus the company could pay a total gross dividend of over RON 0.12 per share, which represents 28% of its current share price – RON 0.428 as of Friday, April 9.

The company’s minority shareholders have asked for special dividends in the past, but the majority shareholder has refused extra distributions so far.

Rompetrol Well Services is one of the most cash-rich companies on the Bucharest Stock Exchange.

At the end of 2020, the company had liquidities worth RON 82 mln (EUR 16.7 mln) placed in a cash pool at group level.

The company recorded a turnover of RON 47.6 mln and a net profit of RON 4.36 mln in 2020. Its market capitalization is currently RON 119 mln.  

andrei@romania-insider.com

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