Bulgaria's Gradus eyes 14 mln euro dividend income in 2018, share price rises

Bulgaria's Gradus eyes 14 mln euro dividend income in 2018, share price rises Author: Gradus Licence: All Rights Reserved

SOFIA (Bulgaria), September 27 (SeeNews) - Bulgarian poultry producer Gradus [BUL:GR6] expects its income from dividends distributed by its subsidiaries to amount to 27.2 million levs ($16.2 million/13.9 million euro) this year, it said on Thursday.

Most recently, Gradus' wholly owned units Millennium-2000, Lora-2004, Zhyuliv and Gradus-1 decided on Thursday to distribute a total of 3.35 million levs in dividend for 2017, Gradus said in a filing to the stock exchange in Sofia.

In addition, the shareholders of Gradus-98, a company majority owned by Gradus, will vote on a proposed dividend distribution, according to which Gradus will receive 2.5 million levs. The shareholders meeting of Gradus-98 is scheduled for November 15.

In the filing, Gradus also reaffirmed its commitment to propose to its shareholders at next year's general meeting a dividend distribution equal to 90% of its net profit. The commitment was included in the company's initial public offering (IPO) prospectus.

Following the announcement, Gradus shares rose 1.72% to 1.77 levs as at 13:40 CET on Thursday, coming close to the IPO price. In June, Gradus raised 81.4 million levs in a two-day IPO on the Sofia bourse priced at 1.8 levs per share.

Gradus shares started trading on the Bulgarian Stock Exchange on August 6, but fell by 5.28% on August 9, closing at 1.705 levs. Since then, Gradus shares have failed to reach their IPO price of 1.8 levs.

(1 euro = 1.95583 levs)

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