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TVK shareholders approve proposal to pay no dividend on loss-making year

Telco

Shareholders of Hungarian chemicals company TVK, a unit of oil and gas company MOL, approved a proposal to pay no dividend on 2011, a loss-making year, at an annual general meeting on Tuesday.

The AGM approved the company's profit and loss statement for 2011 showing a loss of HUF 9.3 billion, according to Hungarian Accounting Standards.

At an AGM a year earlier, MOL rejected the board's proposal to pay no dividend on 2010, another loss-making year, and took close to HUF 2 billion out of the company.

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