January 19 (SeeNews) - Bulgarian biometric identification security solutions developer Biodit is planning to start dividend distribution in 2023 or 2024 if its financial performance develops according to plan, local media reported on Tuesday.
Biodit intends to reinvest its profit in 2021 and 2022 in supporting the company's growth, Biodit CEO Julian Sofroniev said in an interview for business news outlet Investor.bg.
The company also intends to invest the proceeds of a forthcoming initial public offering on the Bulgarian Stock Exchange in scaling up its marketing and sales team.
Biodit is due to kick off its IPO on the Bulgarian Stock Exchange's BEAM market on January 21. Biodit will offer for subscription 1 million new ordinary shares with a nominal value and issue price of 1 lev ($0.62/0.51 euro) apiece.
The IPO will be considered successful if at least 250,000 shares are subscribed and paid for.
(1 euro = 1.95583 levs)