December 1 (SeeNews) - North Macedonia's meat processing company Pekabesko [MSE:PKB] has decided not to distribute dividend for the period from 2020 to 2027 in order to meet its development needs and obligations to creditors.
In the 2020-2027 period, Pekabesko is due to repay long-term loans in the amount of about 747 million denars ($14.5 million/12.1 million euro) and plans to invest some 670 million denars in its development, the company said in a bourse filing on Monday.
Pekabesko's consolidated net profit dropped by an annual 29% to 76.3 million denars in the first nine months of 2020.
Pekabesko was established in 1979 as a state-owned company and was privatised in 1991. The company is also active in the distribution of food and cigarettes.
(1 euro = 61.66 denars)