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Russians collect 34m-euro dividends from Alro
29.03.2011, 23:48 | Business | 1434 views
The Vimetco group, held by Russian businessman Vitali Machitski, will collect 141 million lei (34 million euros at an exchange rate of 4.1 lei/euro) in dividends from aluminium smelter Alro Slatina (ALR), which it controls, with the plant benefiting from cheap energy from Hidroelectrica. Alro last year posted a 160 million-lei (38 million-euro) net profit, double as much as in 2009, with the company management proposing that the entire profit be distributed to shareholders, according to the notice to attend the GM published on the Stock Exchange. The bulk of the dividends will go to the Russians, who control 88% of Alro, while Fondul Proprietatea (Property Fund - FP), which holds 10%, will collect 3.4 million euros. Read more on ZF.ro
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