Petrol General Assembly Divides Profit form 1996

Ljubljana, 21 November - PETROL/GENERAL/ASSEMBLY
Shareholders of Slovene oil company Petrol supported at Friday's general assembly a proposal drawn up by the Petrol management on the division of profit according to which 417.3 million Slovene tolars (SIT) out of the profit of SIT 2 billion made in 1996 will be earmarked for dividends. A dividend of gross 200 Slovene tolars will be disbursed per share, even if the Slovene Compensation Fund and three Krekova Družba trust company's authorized investment companies favoured dividends of SIT 300. Also State Secretary for energy Alojz Kovše believes that such a distribution of profit would be better. On behalf of the State, a major shareholder of Petrol (15.63 percent), Kovše urged that a share yield should be higher than bank interest rates. Government representatives had no right to vote at the Petrol general assembly because they had not confirmed their participation in the assembly on time. However, the assembly passed a change to the rules, as well as the 1996 annual report. In addition, Ljubljana-based Coopers&Lybrand audit company was appointed its auditor.

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