OTP establishes 2 employee stock ownership programs
Shareholders of OTP Bank decided to establish two "Special Employee Stock Co-ownership Programs" (SECOPS) and sell them up to HUF 210 billion of treasury shares at an extraordinary general meeting on Friday chairman-CEO Sándor Csányi said after the vote, according to azuzlet.com.
The SECOPs will operate parallel with the lender's existing employee share ownership program, Csányi said. The resolutions show the treasury shares will be sold to the SECOPs at a price 5.5% under the turnover-weighted average price on the day preceding the transaction.
If the SECOPs acquire at least HUF 200 billion of shares, OTP will contribute up to HUF 5 bln to cover their financing and operating costs once a year, conditional on payment of a dividend in the given year.
Fielding questions, Csányi said, "We hope there will be an opportunity to pay a dividend in the spring."
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.