Komercni banka holds an AGM tomorrow, on June 19. Among others, the AGM should approve a 2002 gross dividend. A dividend proposal is likely to be announced today. We expect a gross dividend of CZK 40-45 per share (KB’s consolidated IAS full-year 2002 EPS stood at CZK 237). The dividend record date is July 19.
Separately, B.C.L Trading, which caused a loss of as much as CZK 8 bil. in Komercni banka in 1996-99 due to fraud, should reportedly pay USD 8 mil. to KB due to a court ruling, the Czech daily MFDnes reports. Such a payment may never materialize however, as it would likely send B.C.L Trading into bankruptcy proceedings. Neutral.
Jiří Soustružník