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Bulgaria's Allterco shares rise 7.38% after dividend plans announcement

Author Mario Tanev
Bulgaria's Allterco shares rise 7.38% after dividend plans announcement Author: Allterco / All rights reserved.

SOFIA (Bulgaria), September 19 (SeeNews) - Shares in Bulgarian IoT company Allterco [BUL:A4L] traded 7.38% higher at 3.20 levs ($1.81/1.64 euro) on the Bulgarian Stock Exchange as at 13:00 CET on Thursday, bourse data shows.

Earlier on Thursday, Allterco said that it is planning to distribute between 2.5 million levs and 2.7 million levs as interim dividend for the first half of 2019. The company intends to distribute part of its reserves formed from share issues, as well as part of its undistributed profit in 2015, 2017, 2018 and the first half of 2019.

Allterco's shareholders will vote on the proposals at a general meeting scheduled for October 25.

In July, Allterco wrapped up the sale of five of its telecommunications subsidiaries to Norway's LINK Mobility Group for 7.9 million euro ($9.0 million). Allterco sold its units in Bulgaria - Teravoice, Tera Communications and Allterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL.

Allterco received 60% of the price in cash and a further 20% is shares in Victory Partners VIII Norway Holding - the sole owner of LINK Mobility Group. The remaining 20% will be paid on a deferred basis within two years.

The company turned to a consolidated net profit excluding minority interest of 747,000 levs in the first half of 2019 from a net loss of 411,000 levs in the same period of 2018.

(1 euro = 1.95583 levs)