May 30 (SeeNews) - Romanian natural gas producer Romgaz [BSE:SNG] said on Tuesday its board of directors has approved the distribution of an additional dividend of 1.42 lei per share and set July 26, 2017, as the payment date.
Total additional dividend payout will stand at 547.3 million lei ($133.8 million/119.9 million euro), or 435.4 million lei from retained earnings and 111.9 million lei from a surplus achieved from reassessment of reserves, Romgaz said in a bourse filing.
Romgaz also plans to distribute as dividend 925 million lei of its 2016 profit, or 2.40 per share, the company said.
The proposal for distribution of dividend from last year's net profit had been made considering a memorandum from the finance ministry which said the company should distribute as dividend at least 90% of the earnings, Romgaz noted.
Shareholders of Romgaz will vote on the dividend payout proposal at a general meeting on June 15. Romania's energy ministry holds a 70% stake in Romgaz.
Romgaz' net profit decreased 14.2% to 1.02 billion lei in 2016, due to a drop in domestic demand for natural gas, a fall in gas prices and strong competition from imported gas.
(1 euro=4.56367 Romanian lei)
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