LUBIN, Poland, June 19 Poland, under pressure to
keep a lid on the budget deficit, demanded a 1.9 billion zlotys
($597.24 million)dividend payout from Europe's No.2 copper
producer KGHM on Wednesday, a fifth more than what the
The stock dropped as much as 4.5 percent after the
announcement. Analysts polled by Reuters had expected Poland to
push for a payout of 13 zlotys per share, or 55 percent of
KGHM's stand-alone net profit of 4.87 billion zlotys.
The company proposed 8 zlotys per share.
A representative of the Treasury Ministry, which oversees
state assets, proposed the higher dividend of 9.80 zlotys per
share at KGHM's annual meeting. The shareholders are expected to
approve the proposal as Poland holds a controlling 32-percent
stake of the miner.