Warsaw (Puls Biznesu) – The yesterday’s GSM of PZU, Poland’s biggest insurer, lasted 20 minutes. The representative of the Ministry of the Treasure asked for the break.
At yesterday’s GSM of PZU, there were shareholders representing 89.1 percent of the capital. The shareholders managed only to choose the chairman of the meeting – Agata Rowinska from the Ministry of the Treasure.
“The Minister of the Treasure files a suit to announce a break till July 12, 1100 a.m. due to the need to analyze the level of dividend to be paid out by the company”, Agata Rowinska explained.
The Ministry of the Treasure, the owner of 47.6m shares, has 61.9 percent votes during the GSM. Votes representing 75.5m shares approved of the file, a sign that Eureko, PZU second largest shareholder, supported the government.
“If the Ministry needs several more weeks to make decision, it’s all right with us. We can wait, it’s not important”, Ersnt Janses, deputy CEO in Eureko explained.
Last Tuesday, Pawel Szalamacha, the deputy Minister of the Treasure, said that the ministry would support the management which proposed to pay out 50 percent of PLN 2.69 billion (EUR 661.7m) of net income generated last year. He said it was possible that the ministry would file a suit to change the level.
The government has planned in the budget to raise PLN 2.4 billion from dividends. Then, the level was increased to PLN 3 billion. So far, the Ministry of the Treasure has raised PLN 155.1m.
(PLN 1 = EUR 0.246)