June 4 (SeeNews) - Bulgarian cellulose producer Svilosa said that it is planning to skip dividend distribution for 2018 and retain its profit for the year of some 251,000 levs ($144,000/128,000 euro).
Svilosa distributed a gross dividend of 0.031 levs per share for 2017.
Svilosa shareholders will vote on the proposal at a general meeting scheduled for June 17, the company said in an invitation for the meeting.
The company was delisted from the Bulgarian Stock Exchange earlier this year, after its majority owner A.R.U.S. Holding carried out a buyout bid.
According to data from the commercial register, private investor Krasimir Dachev holds a 90% stake in A.R.U.S. Holding, while another private individual - Albena Badeva, owns the remaining 10%.
Svilosa, through its unit Svilocell, is the largest producer of bleached kraft pulp in Bulgaria.
(1 euro = 1.95583 levs)