YPF Pays Dividend After Argentina Rejects It, Cronista Reports
YPF SA (YPFD), Argentina’s largest energy company, went ahead with a dividend payment yesterday after the government’s board representative voted against it, El Cronista reported, without saying how it obtained the information.
Argentina is represented on YPF’s board by a Planning Ministry official, the Buenos Aires-based newspaper said, without explaining why the payment was rejected.
YPF must distribute 90 percent of its profit, according to terms signed when majority stakeholder Repsol SA in 2008 sold a stake in YPF to the Petersen Group, El Cronista said.
The government owns stakes in other Argentine companies including Siderar SAIC, Petrobras Argentina SA and Banco Macro SA, El Cronista said.
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