Magyar Telekom shareholders tap profit reserves to pay dividend

Telco

Shareholders of Magyar Telekom approved the board's proposal to pay a HUF 50-per-share dividend on 2012 profit, tapping profit reserves, at an annual general meeting on Friday. The dividend fund comes to HUF 52.1 billion and includes the company's entire net profit of HUF 30.8 billion as well as HUF 21.3 billion from profit reserves. Payment will start on May 16. The record date for payment is May 9. Magyar Telekom paid out a HUF 50-per-share dividend on both 2010 and 2011 profits. The company dipped into profit reserves to pay the dividend on 2011 earnings, too. Shareholders with 65.41% of voting rights were present at the AGM. Before the start of the meeting, shareholders marked the death of National Media and Infocommunications Authority (NMHH) head Annamária Szalai with a moment of silence. Szalai's death, after a long illness, was announced early Friday.

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