ING pension fund seeks dividend from Polish energy firm PAK

WARSAW, June 20 Fri Jun 20, 2014 6:10am EDT

WARSAW, June 20 (Reuters) - Pension fund ING OFE, the second largest shareholder in lignite coal and power producer ZE PAK, has asked ZE PAK to pay a dividend of 1.36 zlotys per share, or 69 million zlotys ($22.73 million) in total, ZE PAK said on Friday.

ZE PAK, controlled by the second richest Pole Zygmunt Solorz-Zak, has said previously that it wanted to retain the whole of its 2013 net profit that amounted to almost 232 million zlotys.

"The proposed motion doesn't limit the company's organic growth and strengthens its image as a dividend firm," ING was quoted as saying in ZE PAK's statement.

ING, Poland's second largest pension fund, holds a 10.6-percent stake in ZE PAK worth about 142 million zlotys.

"Management board's arguments that justify the management's recommendation are still valid," Maciej Nietopiel from ZE PAK's investor relations office said.

Solorz-Zak, who owns more than 50 percent of PAK, bought mobile telecoms operator Polkomtel in 2011, financing a substantial part of the 15-billion zlotys deal with debt.

($1 = 3.0359 Polish Zlotys) ($1 = 3.0359 Polish Zlotys) (Reporting by Marcin Goclowski; Editing by Jane Merriman)

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