May 21 (SeeNews) - Bulgarian IoT company Allterco [BUL:A4L] said on Monday that it intends to keep its entire net profit in 2017 and allocate it to its reserve fund.
The company also skipped dividend distribution for 2016.
Allterco shareholders will vote on the proposal at a general meeting scheduled for June 29, the company said in a bourse filing.
Allterco's non-consolidated net profit rose to 549,000 levs ($329,800/280,700 euro) in 2017 from 74,000 levs in 2016.
In February, Allterco said it has signed a term sheet agreement to sell five of its units to Norway's LINK Mobility Group for a total of 8.8 million euro in cash and LINK shares. The deal includes all shares in Allterco's units in Bulgaria - Teravoice, Tera Communications and Alterpay, as well as its Romania-based subsidiary Teracomm RO and Macedonia-based Tera Communications DOOEL.
(1 euro = 1.95583 levs)