The board of Magyar Telekom Nyrt will propose payment of a Ft 73-per-share dividend on 2005 profits to a general meeting of shareholders on December 21, the company announced on Tuesday.
The dividend includes a Ft 3 per share compensation for late payment, as the dividend has been delayed since the spring. An investigation into invoices at Magyar Telekom's units in Montenegro and Macedonia has delayed the auditor's approval of the company's 2005 financial report, and with it payment of the dividend, since the spring.
”The dividend level of Ft 70 is in line with our growth strategy and the aim of maintaining our net debt ratio in the targeted range of 30%-40%. In addition, it reflects the current level of profitability and financial position of the Magyar Telekom Group,” the company said in the announcement. Magyar Telekom shareholders will vote on the dividend at an EGM on December 21.