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Emasz to propose HUF 1,400-per-share dividend at April 15 AGM

Electricity distributor for North Hungary Émász will propose a dividend of HUF 1,400 per share at the company's April 15 AGM, Emasz reported on Wednesday.

If shareholders approve the proposal, Émász will allocate HUF 4.27 billion of the company's 2010 after-tax profit of HUF 5.51 billion toward the dividend payment, placing the remaining HUF 1.24bn in profit reserves.

Emasz, whose shares trade in the B-category at the Budapest Stock Exchange, paid a dividend of HUF 1,600 per share last year.

Germany's RWE holds 54.26% of Emasz shares while EnBW, also from Germany, holds 26.83%. The state-owned Hungarian Electricity Works (MVM) has a state of 11.66% in the company.