Oil Pipe Operator Conpet Rejects Proposal To Triple 2010 Dividend

04.29.2011 By Florentina Dragu

Romanian oil transporter Conpet Ploiesti (COTE.RO), controlled by the Economy Ministry, Friday rejected a proposal to triple the 2010 dividend by including company reserves.

Romanian oil transporter Conpet Ploiesti (COTE.RO), controlled by the Economy Ministry, Friday rejected a proposal to triple the 2010 dividend by including company reserves.

Investment fund Fondul Proprietatea (FP.RO), owner of a 20.05% stake in Conpet, recommended the company allocate 70 million lei (EUR17.18 million) from its resources to increase the 2010 dividend to RON12.1 a share.

Conpet proposed and approved a dividend of RON4.02 a share. Total dividends to be paid to holders amount to RON34.82 million.

Conpet reported net profit of RON38.6 million in 2010, up 12% on the year. The company is 58.7% owned by the Economy Ministry.

On Rasdaq market Tuesday, Conpet closed up 0.1% at RON49.7 a share. (EUR1=RON4.0744)