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Pannonplast AGM votes to pay no dividend

Shareholders of plastics manufacturer Pannonplast Rt decided at an annual general meeting on Saturday not to pay a dividend on 2005's after-tax profits, the company said in a stock exchange statement.

Shareholders approved Pannonplast's profit and loss statement showing unconsolidated after-tax profit of Ft 581 million in 2005, according to Hungarian Accounting Standards. Pannonplast ended the year in the black for the first time in many years in 2005. Pannonplast closed 2005 with total assets of Ft 12.259 billion.
Shareholders also approved the board's 18-month mandate to purchase treasury shares up to 10% of registered capital at a price of not more than 130% of net assets per share, calculated with net assets from the preceding quarter's report.