TVK (majority owned petchem subsidiary of MOL) decided at its annual general meeting on Thursday to pay a HUF 1.02bn dividend, which implies a payout ratio of 18.4%. The approved amount translates into a HUF 42 per share dividend. The news came as a surprise as no dividend payment was proposed for the AGM, the level of indebtedness and the capex plan of the company having been cited as the reason.
We see the news as positive for the minority owners and neutral for majority owner MOL, which also voted in favour of the dividend payment.