Economy Ministry Rejects Oil Terminal's Capital Hike Proposal

04.29.2011 By Andrei Circhelan

The Romanian Economy Ministry refused a Board proposal to increase the share capital at cargo handler Oil Terminal (OIL.RO) by 151.7 million lei (EUR37.23 million), to RON210 million, in a shareholder meeting held Thursday.

The Romanian Economy Ministry refused a Board proposal to increase the share capital at cargo handler Oil Terminal (OIL.RO) by 151.7 million lei (EUR37.23 million), to RON210 million, in a shareholder meeting held Thursday.

The managing board proposed that the bulk of the increase, of RON90.5 million, would have consisted of two plots brought by the ministry as in kind contribution.

Another shareholder decision was the approval of a dividend worth RON0.0029581 per share from the RON2.14 million profit achieved by the company last year.

This year's dividend is five times higher than the RON0.0006 dividend paid last year, and it cumulates a payment of RON1.72 million, or 76% of the profit.

The state holds a 59.62% stake in Oil Terminal, while investment fund Fondul Proprietatea (FP.RO) holds 10%, and 30.37% is free float.

Company shares were last traded Wednesday, at RON0.2295. (EUR1=RON4.0744)