PKN proposes first dividend in five years

WARSAW: Poland's top refiner PKN Orlen proposed a dividend payout, of 1.5 zlotys ($0.46) per share, the first time it would hand back cash to shareholders in five years.

The dividend equals just over 30 percent of the refiner's 2012 profit. The state-controlled firm earlier said it could pay a dividend of up to 2 zlotys.

"If the shareholder meeting approves, it will be our first dividend payout since 2008," PKN chief executive Jacek Krawiec said in a statement.

"According to our strategy, the dividend level will consequently rise to finally reach 5 percent of the company's average annual capitalisation."