You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

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

Author Mario Tanev
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)