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Dec 15, 2017 17:46 EEST
December 15 (SeeNews) - Romanian natural gas producer Romgaz [BSE:SNG] said on Friday it has decided to replace its general manager Virgil Metea due to management deficiencies.
The main reasons for the decision are management deficiencies and the lack of compliance and implementation of decisions issued by control and regulation authorities but also by the board of directors, Romgaz said in a statement submitted to the Bucharest Stock Exchange, BVB.
Romgaz appointed Corin Emil Cindrea as interim general manager for four months, with the possibility to extend such up to maximum six months, Romgaz added.
Romgaz's net profit surged 66% year-on-year to 1.18 billion lei ($300 million/255 million euro) in the first nine months of 2017 on the back of higher gas and electricity sales and lower expenses.
Total revenues rose 35% on the year in the nine-month period ended on September 30, reaching 3.24 billion lei.
In September, Romgaz said it has received a request from the Romanian government, its majority shareholder, for early distribution of 750 million lei in dividend for 2017. The government owns 70% of Romgaz's share capital, with the balance of 30% in free float on the BVB.
In April 2016, Romanian blue chip investment fund Fondul Proprietatea sold its entire remaining 5.85% stake in Romgaz for $137.2 million.
Shares in Romgaz traded 0.49% higher at 31.05 lei lei by 1541 CET on Friday on the BVB.
(1 euro=4.6346 Romanian lei)
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