Bulgaria's Bulmetal proposes 0.036 euro per share dividend

Bulmetal plans to return to its investors some 500,863 levs from its net profit of 3.02 million levs reported for last year, the company said in a bourse filing. Of the remaining earnings, some 16,000 levs would go towards the company's reserve fund, while the rest would be retained as undistributed profit.

The proposal will be put to the vote at a general meeting of shareholders scheduled for June 27.

In December, Bulmetal raised over 8.2 million levs in an initial public offering on the Bulgarian Stock Exchange. It said back then that it plans to use the proceeds to expand its production capacity and automate its processes.

Shares in Bulmetal last traded on May 22 when they closed at 8.35 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)