The management of Romania’s state-controlled company Transgaz, the operator of the natural gas transport network, proposed RON 255 million (EUR 54 million) dividends to its shareholders from last year’s net profit.

The company recorded a net income of RON 496 million (EUR 106 million) and proposed a 51% dividend payout ratio. The gross dividend yield, for the current price of the company’s shares, would be 6.4%.

However, the Government has rejected similar proposals last year, when it eventually enforced as majority shareholder (with a 58.5% stake) a 90% payout ratio.

In January, Transgaz announced it sealed the documents for a EUR 100 million loan from the European Investment Bank (EIB) for bringing Black Sea offshore gas to the BRUA (Bulgaria-Romania-Hungary-Austria) pipeline and the national gas system.

(Photo: Transgaz.ro)

editor@romania-insider.com