Romanian Proprietatea Fund Could Pay RON0.0156 Dividend

Romanian investment fund Fondul Proprietatea (FP.RO) could pay a gross dividend of 0.0156 lei per share (EUR1=RON4.2584) from last year’s profit, much lower than the one paid a year earlier, according to a memo sent Wednesday to the Bucharest bourse.

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For the profit reported in 2008 and 2009, the fund paid dividends of RON0.0816 per share last year.

"In 2010, the fund distributed a dividend of RON1.1 billion or RON0.0816 per share, payable to shareholders with effect from October which represented the distributable profits of both 2008 and 2009. By the end of 2010, shareholders had collected 98% of total dividends distributed. At this stage, the likely gross dividend payable in 2011 will be approximately 0.0156 RON per share," the fund noted.

Tuesday, the fund Tuesday a 37.5% drop in its net profit to RON456.2 million in 2010, from RON730.1 million a year earlier.

The results are unaudited and are computed under Romanian accounting standards.

Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.

Proprietatea shares were down 1.67% in late trade Wednesday, at RON0.59. Thus, the fund has a market value of RON8.26 billion.

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