KGHM shareholders’ meeting will be stormy

20-05-2008, 16:39

Warsaw (Puls Biznesu) – Trade unions say they feel deceived. The management say they want to keep as much money within the company as possible.

Last Friday, KGHM management proposed to increase the dividend from PLN 5.5 a share to PLN 9 (EUR 2.7) a share. The company had PLN 3.78bn of net income last year. The new CEO Miroslaw Krutin believes that 47 percent of this amount should be spent for dividend. Shareholders will thus get PLN 1.8bn up from PLN 1.1bn.

“We feel deceived by the new CEO who had promised not to follow orders of the Minister of the Treasury. There is no logical explanation to take money out of the company for the third consecutive year”, Piotr Trempala, the head of ZZPD trade union said.

“On the one hand, they say that the previous government would delay vital investment decisions and on the other hand, they do nothing to keep money within the company, and the funds are necessary to implement the plans. It may soon turn out that KGHM is not ready for bad times”, Jozef Czyczerski from Solidarnosc trade union and member of the supervisory board appointed by the employees commented.

KGHM representatives believe that this year’s plans will be implemented.

“53 percent of the income is recommended to be left within the company in order to invest. This would be the highest income left in the last three years. Higher dividend was recommended because the acquisition of Polkomtel’s stake from TDC is delayed”, Monika Kowalska, KGHM spokeswoman explained.

The GSM of KGHM meeting on June 26th will decide about splitting the income. Last year, miners’ protests disturbed the meeting.

(PLN 1 = EUR 0.296)


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