Poland-based Getin Holding plans capital reduction, dividend payouts

Polish financial company Getin Holding SA intends to reduce its share capital by 740.1 million zlotys to roughly 19 million zlotys, with its shareholders to receive the total of 189.8 million zlotys as a result of the reduction.

The share capital reduction will be carried out by lowering the par value of the company's shares from 4.0 zlotys to 0.1 zloty apiece. The remaining 550.3 million zlotys freed up as a result of the share capital reduction will be moved to Getin Holding's reserve capital from which the company could pay dividends in the future, the company said Nov. 24. Getin's shareholders will vote to approve the planned share capital reduction on Dec. 21.

Getin Holding could also pay out a dividend of approximately 200 million zlotys to its shareholders in 2023 following the sale of its Ukrainian assets and the approval of the company's financial report for 2022, news agency PAP reported Nov. 24, citing Getin Holding CEO Piotr Kaczmarek.

The executive added that Getin Holding plans to continue its operations and is not considering delisting from the Warsaw Stock Exchange.

Getin Holding is in the process of divesting its foreign assets. The company already completed the sale of Belarusian and Romanian units and recently agreed to sell its subsidiary in Ukraine.

As of Nov. 24, US$1 was equivalent to 4.18 Polish zlotys.