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Rába shareholders want bigger dividend

Telco

A group of shareholders of Rába has proposed a draft resolution added to the agenda of the automotive companyʼs AGM that would raise the dividend from HUF 20 to HUF 50 per share, Hungarian news agency MTI reported on Monday.

"The company has made a profit for years, yet the shareholders have not benefited from it at all. As we are not aware of the previously adopted dividend policy, which was withheld from small shareholders for almost a year, we consider that amount acceptable in line with the dividend policy proposed under a separate agenda item," the three shareholders reasoned.

The three shareholdersʼ combined stake in Rába exceeds 1% of share capital, the threshold for proposing additions to general meeting agendas.

Rábaʼs board said last Wednesday that it would propose payment of the HUF 20-per-share dividend to shareholders at the AGM scheduled for April 13.

The boardʼs dividend proposal amounts to HUF 276 million in total, according to a draft resolution in the agenda.

Rába had unconsolidated after-tax profit of HUF 509 mln last year, according to Hungarian Accounting Standards.

The state owns 74.3% of Rábaʼs shares.

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