Kraft to pay whopping dividend

  • 2005-09-07
  • From wire reports
VILNIUS - Kraft Foods Lietuva, the leading Baltic snack food producer, has decided to earmark 124 million litas (36 million euros) in accrued earnings for dividends, with the lion's share of dividends to go to U.S. Kraft Foods International.

Shareholders allocated 31.69 litas in dividends per share with face value of 11 litas, said Antanas Sidaras, a lawyer with Kraft Foods Lietuva.

An extraordinary shareholder meeting decided that the U.S. company, which owns 99.44 percent of the Lithuanian company, will be paid 123.3 million litas (35.7 million euros) in dividends.

Kraft Foods Lietuva, which is based in Kaunas, has distributed almost all earnings accrued, which amounted to 124.2 million litas.

The confectionery producer raised its net earnings by 32 percent year-on-year to 25.3 million litas in 2004.

Kraft Foods Lietuva has an authorized capital of 43 million litas and employs a workforce of almost 550. It has established a subsidiary, Kraft Foods Latvia, in the neighboring country.