Croatian oil company's general assembly on Monday decided that half of last year's consolidated net profit of the INA Group, HRK 480.5 million, would be paid as dividend, or HRK 48.05 per share.
The decision was made in accordance with proposals by the two main shareholders, the Croatian government and the Hungarian oil company MOL, INA said in a press release.
The invitation to the general assembly was published on the Zagreb Stock Exchange in mid-April, with the proposal that INA's net profits in 2010, about HRK 1.77 billion, be distributed in retained profits and legal reserves.
But after the government and MOL agreed in mid-May that half of last year's profits of the INA Group should be distributed as dividend, the two largest shareholders issued a counter-proposal that HRK 88.3 million of last year's profits be set aside for legal reserves, HRK 480.5 million for the dividend, and nearly HRK 1.2 billion for retained profits.
A proposal was made to the general assembly to set June 15 as the day on which shareholders acquired the right to the dividend and June 21 as the deadline by which it should be paid.
The Croatian government, which holds a 44.84% stake in INA, is expected to receive HRK 215.4 million, while MOL will receive about HRK 230 million.
