March 25 (SeeNews) - Bulgarian textile company Mak [BUL: 4MK] said on Wednesday that it intends to skip dividend distribution for 2019, after it also did so for 2018.
Mak intends to invest its profit in 2019 in the technological modernisation of the company, it said in a bourse filing.
The company's shareholders will vote on the proposal at a meeting scheduled for April 30.
Mak's net profit grew to 2.2 million levs ($1.2 million/1.1 million euro) in 2019 from 308,000 levs the year before.
Gabrovo-based Mak specialises in the production of police, firefighter and military uniforms. Earlier this month, the company started the production of protective clothing for medical personnel in relation to the sharp deficit of such products since the start of the novel coronavirus disease (COVID-19) spread in the country.
(1 euro = 1.95583 levs)