The Executive Board of Romania’s largest oil and gas company OMV Petrom approved the share capital increase of up to 118 million euros, including a 25 million euros in-kind contribution of the state, plus the shares the other shareholders are subsequently entitled to subscribe. The decision was also approved by the company’s Supervisory Board.
The subscription period will be for at least one month, estimated to occur during the September to October 2022 timeframe.
The Board also approved the decision to distribute additional dividend in the amount of 515 million euros from its cash reserves. A special dividend of 0.009 euros per share will be distributed, which represents almost 10 % of the current share price. With this additional, total dividend paid out for 2021 will amount to 0.016 euros/share and translates into a total dividend yield of 15.9 %.
This is the first time since its privatization in 2004, that OMV Petrom distributes special dividend.
OMV Petrom recorded a net profit in the amount of 579 million euros in 2021, which is more than double compared to the previous year.