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Financial company SIF Banat-Crisana proposes its shareholders a 57% smaller gross dividend for 2008

The Romanian financial company SIF Banat-Crisana (SIF1) wants to allot a gross dividend of 0.03 lei per share of the profit scored last year, making for a 57 percent cut, while most of the revenues could be channeled into financing, informed the company today.

Last year shareholders received 0.07 lei per share, corresponding to the 2007 profit.

SIF1 recorded last year a net profit of 95.44 million lei, 22 percent down from 2007, as assets depreciations were directly adjusted on the company's own capitals and were not directed to the profit and loss account, as stipulated by an order of the capital market watchdog CNVM.

SIF Banat-Crisana shareholders are to meet on April 24 to aprove last year's financial reports, the 2009 revenues and expenses budget and to agree upon the incentives for the members of the board.

What's more, should they agree, the company could use 83 percent of the 2008 profit as financing capital and only the remaining 17 percent for dividends.

Financial investment companies in Romania asked the commission and the Finance Ministry to change this order in compliance to European regulations, or the five SIFs risk scoring no profits in 2008.

SIF Banat-Crisana shares are traded on the first tier of the Bucharest Stock Exchange (BSE) under the SIF1 symbol. The company has a share capital worth 54.88 million lei, divided among 548.85 million shares, at a face value of 0.10 lei.

The last quota for SIF1 shares settled during today's session was of 0.4320 lei and made for a 237.1 million lei capitalization.

 

Sursa: http://www.newsin.ro

Tags: sif shareholders profit crisana banat company financial

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