Business News


No Dividends for Sava Re Shareholders

Ljubljana, 12 July (STA) - The shareholders of Sava Re on Friday endorsed the proposal of the management that the reinsurer retains its distributable profit, deciding that dividends will be paid out next year. Four new supervisors were also appointed at the session.

Small shareholders wanted 50% of the EUR 12.7m distributable profit to be allocated for dividends, but the management proposed no dividends, arguing that capital adequacy of the company would otherwise be threatened.

Sava Re will pay out 30% of its distributable profit as dividends in the 2014-2017 period, with the possibility of increasing the share after 2017. It expects to post a EUR 20m profit this year.

The shareholders representing 62.64% of capital also appointed four new supervisors - Mateja Lovšin Herič, Keith Morris, Branko Tomažič and Slaven Mićković.

The company has not yet revealed the new ownership structure following the recent EUR 55m capital injection.

The state-run SOD fund has probably remained the biggest owner, while the capital increase unofficially made the European Bank for Reconstruction and Development (EBRD) the second biggest owner.

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