Poland’s gas giant, PGNiG is set to pay out dividends amounting to 708 million zloty (178 million euro) to its shareholders from profits gained in 2010.

The pay-out means that on average, each share will gain in value by 0.12 zloty. The final dividend amount and resulting share price will be set after the processing of employee shares.

The move comes as PGNiG’s General Annual Meeting yesterday, Wednesday, approved the motion to divide the total profits of the company in 2010, a sum amounting to just over 1.7 billion zloty.

PGNiG’s shareholders decided to allocate 921.6 million zloty for the increase of the company’s reserve capital, which itself is earmarked for PGNiG’s investment plans for 2011.

The gas giant is also to raise investment spending this year to around 5.6 billion zloty, as opposed to 4.5 billion zloty in 2010.

Profits to the tune of 72.5 million zloty are to be earmarked for employment restructuring within the PGNiG Capital Group, the increase of social funds and employee bonuses.

Dividends are set to be paid out on 6 October 2011, while on 20 July the right to the dividends are to be finalised. (jb)

Source: IAR