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Hungary: Elmű board proposes HUF 12.8 bln dividend

  The board of electricity distributor for Budapest Elmű will propose to shareholders payment of a HUF 12.8 billion ($57.8 million) dividend on 2008 profits at an annual general meeting on April 28, the AGM invitation published on the website of the Budapest Stock Exchange on Friday shows.

The dividend works out to HUF 2,100 per share. The board will propose placing the remaining HUF 2.5 billion of the company’s HUF 15.2 billion in after-tax profit into profit reserves.

Elmű’s audited balance sheet shows total assets of HUF 333.0 billion on December 31, 2008. Elmű is owned by German utilities giant RWE-EnBW and the Budapest Municipal Council. (MTI-Eonews)