June 16, 2017 / 3:32 PM / 2 years ago

Polish state-run shareholder in Ciech seeks dividend payout

WARSAW, June 16 (Reuters) - An investment fund owned by Poland’s state-run insurer PZU has asked chemical company Ciech, controlled by the billionaire Kulczyk family, to spend almost all of its 2016 profit on a dividend, Ciech said in a statement on Friday.

The investment fund, TFI PZU, which owns a 12.2 percent stake in Ciech, wants the company to pay out a dividend of 152.3 million zlotys ($40.49 million) or 2.89 zlotys per share. Ciech’s management in March recommended allocating its 2016 net profit of 152.4 million zlotys to reserve capital.

In 2016, Ciech paid out a dividend of 2.85 zlotys per share. Ciech shareholders will vote on the dividend payout at their annual meeting on June 22.

Ciech was privatised in 2014 when Kulczyk Holding bought a 51-percent stake in the company.

$1 = 3.7610 zlotys Reporting by Agnieszka Barteczko. Editing by Jane Merriman

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