Fondul Proprietatea (Property Fund-FP) is today starting distributing dividends worth 1.12bn RON (263m euros) from the net profits generated in 2008 and 2009. All the fund's shareholders registered with the Central Depository by September 27 will receive dividends.
The decision to award dividends was made during the September 6 General Meeting of Shareholders, getting the approval of the Finance Ministry, the Fund's main shareholder, which held 49% in stock at the date of the meeting. The Finance Ministry supported the decision to award dividends and their rapid distribution in order to plug its cash gap.
The move can be considered as discriminatory as the former owners who got FP shares by September 27 will receive dividends, while those who got shares after this date will not benefit from any dividends. Moreover, by paying dividends, the Fund will diminish the resources through which it should further compensate the several tens of thousand former owners still waiting to get shares from ANRP.
However, despite some verbal protests from the part of some former owner associations, which stated they would challenge the decision to award dividends in court, the Bucharest Court of Law has not registered any such action so far.
Fondul Proprietatea (Property Fund-FP) is today starting distributing dividends worth 1.12bn RON (263m euros) from the net profits generated in 2008 and 2009. All the fund's shareholders registered with the Central Depository by September 27 will receive dividends.
The decision to award dividends was made during the September 6 General Meeting of Shareholders, getting the approval of the Finance Ministry, the Fund's main shareholder, which held 49% in stock at the date of the meeting. The Finance Ministry supported the decision to award dividends and their rapid distribution in order to plug its cash gap.
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