Zwack board proposes record dividend

In Hungary

The board of alcoholic beverage maker Zwack Unicum Rt will propose to an annual shareholders meeting to convene on June 29 payment of a Ft 1.9 billion dividend on after-tax profits of Ft 2.91 billion in the business year ended March 31.

The dividend, which calculates as Ft 850 per share, is the highest the company has ever paid. In 2005, Zwack paid a Ft 1.6 billion, or Ft 800 per share, dividend on its 2004 business- and calendar-year profits, and in the preceding six years it paid a Ft 750 per share dividend.
Profits in the 2005/2006 business year were helped by a one-off item, the sale of a property in central Budapest for Ft 425 million, the statement noted.
The board will submit for shareholder approval the company balance sheet for March 31, 2006, showing total assets of Ft 17.92 billion and net assets of Ft 9.85 billion. On the agenda for the June 29 AGM is a proposal to raise the company's registered capital with the issue of convertible liquidity preference shares. The details of the raise are still being worked out, Zwack Unicum's investment director György Guttengeber said.

 

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