Galp shareholders vote at general meeting to reduce share capital by up to 9%

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Galp has called a general shareholders’ meeting for May 10, at which it will vote on a proposal to reduce the oil company’s share capital by up to 9% by cancelling its own shares, the market was told today.

Galp’s Board of Directors has proposed a “reduction in the company’s share capital of up to 9% of the shares representing the share capital by cancellation of own shares”, according to a statement sent to the Portuguese Securities Market Commission (CMVM).

The proposal also provides for this body to be given all the necessary powers to, within the limit indicated, “proceed to fix the number of shares to be extinguished”.

Galp’s Board of Directors will also be delegated to carry out all acts to implement the share capital reduction and transfer the excess of the legal reserve in equity to retained earnings.

According to the agenda, Galp’s shareholders will also vote on the company’s individual and consolidated accounts and the proposal for the appropriation of 2023 results, which provides for the distribution of more than 422 million euros in dividends.

At stake is the payment of 0.27 euros per outstanding share, which is added to the 0.27 euros already paid “as an advance on profits for the 2023 financial year”, making a total of 0.54 euros.

The total amount to be distributed was estimated at 422,139,515.22 euros, based on the existing share capital on December 31, 2023.

“The remaining net profit for the year should be transferred to retained earnings,” he said.

Also on the table will be the general appraisal of the Board of Directors, the Supervisory Board and the statutory auditor, the granting of authorization to the Board of Directors to buy or sell its own shares and bonds, as well as changes to the remuneration policy for members of the governing bodies.

In today’s stock market session, Galp shares fell 1.37% to 16.20 euros.

Hervé Hubert
Hervé Hubert
Hervé Hubert is a 55-year-old writer and journalist based in Porto, Portugal. Born in France, he brings a unique blend of French and Portuguese perspectives to his work. Education Hervé studied Journalism and Literature at the University of Lyon in France. After completing his studies, he gained valuable experience working with various French media outlets (Portugal France also). Career He worked for several years as a journalist in France before making the move to Portugal. In Porto, he joined the Portugal Pulse team as a staff writer. Skills Hervé specializes in storytelling, investigative journalism, and cultural commentary. He has a flair for capturing complex issues in a relatable way. Personal Life He currently resides in Porto and enjoys the city's rich culture, from Fado music to Francesinha cuisine. Hervé continues to maintain strong ties to his French heritage, often traveling back to France for family visits and cultural exploration. With his unique background and diverse skill set, Hervé Hubert adds a layered, multicultural lens to every story he covers.

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