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Poland seeks higher KGHM dividend - paper
May 30, 2012 / 5:47 AM / 6 years ago

Poland seeks higher KGHM dividend - paper

WARSAW, May 30 (Reuters) - Poland, which holds a 32-percent stake in Europe’s no.2 copper producer KGHM, wants a 2011 dividend of 4.8 billion zlotys ($1.4 billion) versus the 3.4 billion proposed by management, the Parkiet daily reported on Wednesday, without quoting any sources.

KGHM’s management offered a dividend payout at 17 zlotys per share, while Poland’s Treasury Minister Mikolaj Budzanowski said Warsaw would want a dividend far exceeding 3 billion zlotys.

KGHM declined to comment on Wednesday, while the Polish Treasury only said the matter would be decided at the miner’s shareholder meeting due on June 28.

Poland’s 2012 budget envisages more than 8 billion zlotys in dividend revenues from state-run companies.

Poland also introduced a new mining tax earlier this year and estimates 2012 revenues from that at 1.8 billion zlotys, with KGHM contributing the bulk.

Last year KGHM paid a dividend from its 2010 profits of 14.9 zlotys per share compared to the management board’s original proposal of 8 zlotys.

$1 = 3.4686 Polish zlotys Reporting by Agnieszka Barteczko and Gabriela Baczynska; Editing by Mark Potter

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