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Magyar Telekom Montenegro unit approves dividend

Hungary's Magyar Telekom said that a shareholder meeting of its Montenegrin unit Crnogorski Telekom a.d. approved paying out a total of €22 million on last year's earnings.

Magyar Telekom, one of Hungary's biggest listed companies, said in a statement that its share in the dividend would be about €16.8 million.

Magyar Telekom has a 76.53% stake in the Montenegrin company.

Magyar Telekom traded up 1.11% at Ft 730 ($4.79) on the Budapest bourse against a 0.44% fall in the wider market.

Under Montenegrin accounting rules, Crnogorski Telekom posted a non-consolidated net profit of €23.6 million in 2007, Magyar Telekom said. (Reuters)