KGHM GSM may decide for a higher dividend payout today

APA - Austria Presse Agentur
14-06-2006, 14:13

Warsaw (Puls Biznesu) – The Ministry of the Treasure may make KGHM pay out a higher dividend than planned by the management. Trade unions protest because they want the money themselves.

Warsaw (Puls Biznesu) – The Ministry of the Treasure may make KGHM pay out a higher dividend than planned by the management. Trade unions protest because they want the money themselves.

Today’s GSM of KGHM, Poland’s listed copper producer, will decide about the dividend for 2005. According to the proposal of the management, it would be PLN 1.1 billion, nearly half of last year’s net income. The amount may be bigger, however. Wojciech Jasinski, the Minister of the Treasure, indicated such possibility before. Analyst believe it may be up to PLN 1.7 billion. The Ministry of the Treasure said yesterday that the decision had been made already. It will be published today. The Ministry of the Treasure owns 48 percent in KGHM and is its biggest shareholder.

“You don’t discuss your owner’s decision. I’ll think what to do with a smaller budget when there are certain decisions”, Krzysztof Skora, KGHM CEO said.

The trade unions have already protested against a higher dividend. The biggest one, ZZPPM, is in collective dispute with the management. ZZPPM demands PLN 100m to raise social funds and to inject fresh capital into subsidiaries. The staff has announced that a strike referendum would be made and threatened to stop working because the government did not start negotiating with it. The management wants to it on June 21.

 

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Podpis: APA - Austria Presse Agentur

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