KGHM to pay out zl.2.29 billion in dividend

The Treasury, with a 45% stake, is the company's largest shareholder. While other shareholders support the decision, KGHM's trade union leaders are outraged, warning that the company will lack capital to cover its 2006-2010 investment plan, which will total around zl. 5 billion. The board recommended that 50% of the profit, that is about zl. 1.1billion, be allocated for dividend, but the Treasury believes KGHM can afford to pay zl. 2 billion. Deputy Treasury Minister Pawel Szalamacha remarked that during the first five months of this year KHGM posted a profit of zl.1.5 billion. The dividend will be paid out on August 2. The shareholders also received a report on the company's activity in 2005 and refused to grant a vote of acceptance for the previous, dismissed board. (Puls Biznesu, p. 6) J.L.