The Croatian government and the Hungarian oil company MOL have reached an agreement on paying half of last year's profit of the INA Group as dividend, amounting to HRK 480.5 million, to be distributed to shareholders according to their capital share, the Croatian Finance Ministry and MOL said in Friday's press releases.
"As a result of constructive and open direct discussions between the Government of Croatia and MOL Plc. the parties agreed to propose to the Annual General Meeting of INA d.d. to pay 50% of INA Group's 2010 profit as dividend, while the remaining 50% will be reinvested into the future of INA. Based on the consolidated audited numbers the total dividend amount will be HRK 480.5m, which will be distributed to the stake holders according to their capital share," the statements said.
The strategic partners have agreed that the Croatian company INA "is managing the current challenges of the industry well, the solid performance of INA provides acceptable basis for the 50% payout rate."
"In the spirit of good cooperation the partners have carefully considered the current situation of INA and agreed that the necessary funds have to be reserved at INA for the continuation and accomplishment of its investment plans. These investments are crucial in turning INA into a strong and successful Croatian flagship company, which everyone can be proud of," said the statements.
INA's general shareholders' assembly has been convened for May 23.
MOL holds a 47.26% stake in INA, while the Croatian government holds 44.84%.
