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Richter AGM approves dividend, buybacks

Shareholders of Hungarian drug producer Richter Gedeon approved the firm's dividend and share buyback proposals and re-elected its key board members.

Richter's annual general meeting approved a dividend payment of 450 forints per share or a total dividend payment of Ft 8.36 billion out of the company's 2007 net profit of Ft 33.83 billion.

Shareholders also extended the board's authority to buy back up to 10% of the company's shares on the Budapest bourse. The authority for the buybacks was given so Richter could use it for possible acquisitions and for its management share options program.

Richter's board has had for years the authority to buy back its shares but rarely used this facility.

Shareholders also re-elected Chief Executive Erik Bogsch and board chairman William de Gelsey to the board, among others. (Reuters)