Romanian state-controlled natural gas producer Romgaz wants to distribute as dividends to its shareholders RON 1.49 bln (EUR 300 mln), resulting in a dividend yield of 9.9%, Bursa reported.

The proposal, passed by the company’s managing board, will be discussed by the shareholders on April 28.

The Government, which holds 70% of Romgaz, recently allowed the company - along with Nuclearelectrica- to retain up to 50% of the net profit to finance investments, waiving for these two companies the mandatory 90% dividend payout ratio set for state-controlled companies.

Out of the total dividends proposed by the managing board of Romgaz, RON 1.39 bln would come from last year’s RON 1.9 bln (nearly EUR 400 mln) - meaning that the management envisages a 73% payout ratio.

The company’s shares edged up by 0.92% on March 28, when the company released to investors the note on 2021 dividends, with the market capitalization amounting to RON 14.78 bln (EUR 3 bln). 

(Photo: Romgaz Facebook Page)

andrei@romania-insider.com