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Bulgaria's Emka shareholders approve dividend payout, cap hike

Jun 20, 2023, 12:41:46 PMArticle by Antonia Kokalova-Gray
share
June 20 (SeeNews) - Bulgarian cable manufacturer Emka [BUL:EMKA] said its shareholdes decided to distribute a gross dividend of 34.3 million levs ($19.2 million/17.5 million euro) for 2022 and double the company's capital by coverting profit into equity.

Bulgaria's Emka shareholders approve dividend payout, cap hike
Ministry of Economy/All rights reserved.

Emka will pay a gross dividend of 0.15789 levs per share in cash, or the same amount it paid last year, starting from August 16, Emka said in a stock exchange filing on Monday.

Out of the approved gross dividend, 21.7 million levs will be paid in the form of new shares to be issued to existing investors. They will receive one new ordinary voting share for each unit already held.

The management's proposal to double Emka's capital to 43.4 million levs by converting part of the 2022 profit and undistributed profits from previous years was approved by all shareholders present at the meeting, who represented 72.25% of the company's equity.

In 2022, Emka's net profit soared to 11.8 million levs from 6.6 million levs a year earlier.

Shares in Emka closed flat at 4.26 levs on Monday.

(1 euro = 1.95583 levs)

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