Банкеръ Weekly

Briefs

THE FRENCH HAVE RECEIVED DIVIDEND FOR THE FIRST TIME

SG EXPRESSBANK has laid the first dividend to its owner - the French Societe Generale, which purchased 98% of the credit institution's capital in September 1999 against USD39MN. On April 4 the general meeting of shareholders in the Varna-based bank approved its balance sheet and the report for its incomes and expenditures for 2001. As a majority shareholder the French decided that only BGN4,850,000 of the bank's profit (amounting to BGN11,100,000) would be distributed in dividend.The decision is not to the advantage of small shareholders in SG EXPRESSBANK who hold a total of 2% in its capital. Were the entire profit distributed in divident, they would get BGN0.39 per share. But under the decision of the general meeting of shareholders, only BGN0.20 apiece will be paid in dividend.

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