The Proprietatea Fund will distribute to shareholders a dividend of 0.03141 lei/share, double the initial proposal, according to the decision of shareholders reached in yesterday"s General Shareholder Meeting. Thus, dividends paid out will amount to 432.7 million lei, or 95% of the preliminary net profit for 2010, which stood at 456.2 million lei (108.3 million Euros).
The doubling of the dividend was requested by the Romanian Ministry of Finance.
The shareholders have kept the registration date proposed by the manager of the Fund, Franklin Templeton, namely May 16th.
At the end of March, 125 investment funds and foreign companies held 20.4% of the shares of the Proprietatea Fund, and 310 non-resident individual investors owned 8.66%. A block of 28.28% of the shares was owned by 7.744 Romanian individual shareholders, and 287 investment funds and Romanian companies owned 5.87%.
The stake of the state has remained unchanged at 36.79%, as the process for compensation by distributing shares in the fund has been suspended until the beginning of May.
* The Romanian government has appointed two members on the Board of Directors
Simion Dorin Rusu, personal advisor to the Minister of the Economy and Finance, and Doru-Petru Dudaş, managing director in the Ministry of Public Finance, were elected as members on the Board of Directors of the Proprietatea Fund, in the place of lawyer Corin Trandafir and of Monica Maurer-George, who was dismissed at the request of the Ministry of Public Finance.
Corin Trandafir served as the proxy to the heirs of the Malaxa and Auschnitt families and he resigned on April 13th.
The Ministry of Finance, which is the majority shareholder of the Proprietatea Fund, had proposed three candidates for the two seats on the Board of Directors of the Proprietatea Fund, but it withdrew the candidacy of Daniel Po
