Transgaz distributes record 81.6m euros in dividends

The state will collect 60 million euros in dividends from one of the most profitable companies in its portfolio, Transgaz, while Fondul Proprietatea (Property Fund) will receive around 12.2 million euros.

Natural gas transmission company Transgaz Mediaș (TGN), controlled by the Economy Ministry, will distribute record dividends to its shareholders, worth 338.7 million lei (81.6 million euros) of last year’s net profit, according to the proposal to be debated by the company’s shareholders at the end of April.

The value of the gross dividend per share is 28.77 lei and accounts for 11% of the price at which Transgaz shares ended yesterday’s trading session, 261 lei/share. Last year, Transgaz distributed a gross dividend of 13.02 lei/share.

The rise in the Transgaz dividend comes after the company reported a record profit for 2010, of 376 million lei (88 million euros), with the state forcing companies in its portfolio to distribute a minimum of 90% of their profits in form of dividends, compared with a minimum of 50% last year.

The Economy Ministry, which controls 73.5% in Transgaz, will collect 249 million lei (60 million euros) in dividends, while the FP, which holds nearly 15%, will receive around 50.8 million lei (12.2 million euros) in gross amount.