Estonia, Tallinn: Shareholders in Estonia's largest brewery Saku Olletehas approved at the annual general meeting on April 7 the firm's annual report for 2004 and the profit distribution proposal according to which the firm will pay a dividend of 7 kroons (0.45 EUR) per share, according to Baltic News Service. The shareholders endorsed the board's proposal to distribute 56 million kroons (EUR 3.58 million) of profit in dividends, or 7 kroons per share, Saku Olletehas reports.

By the approved procedure, shareholders who hold shares as of April 28 will be entitled to a dividend for the 2004 business year. Dividends will be paid out on May 16 at the latest. The shareholders further decided to recall before term members of the supervisory council Jaak Leimann, Saulius Endriuska and Mauri Jouni Petteri Pelkonen. Leimann resigned of his own accord, Endriuska and Pelkonen had meanwhile left Baltic Beverages Holding, the majority owner of Saku.

The meeting decided to elect three new members to the supervisory council -- Cardo Remmel, Janno Veskimae and Pjotr Sanetra -- for a term of three years. Remmel chaired the board of the brewery in 1995-2004, Veskimagi is business controller with BBH Baltics, and Sanetra is since February BBH Baltics vice president for sale. The shareholders decided to pay board members for performance of their duties in the 2005 financial year 100,000 kroons in aggregate. (EUR 1 = EEK 15.65)

E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at marketing@castlemalting.com .