Bulgaria's TBS Group plans to skip 2023 dividend, repurchase shares

The company plans to retain its 2023 net earnings of some 4.63 million levs ($2.55 million/2.37 million euro) as undistributed profit, TBS Group said in a bourse filing on Friday.

Additionally, TBS Group intends to launch a share repurchase programme targeting up to 25,000 company shares until the end of this year. The shares would be bought back at a price between 7.40 levs and 20.00 levs each.

The proposals will be put to the vote at a general meeting of shareholders scheduled for June 19.

TBS Group's equity capital is currently divided into 12.5 million shares of 1 lev in par value each.

Last year, the company skipped dividend distribution for the second half of 2022 after paying out an interim dividend of 0.81 levs per share for the first half of the year.

As of 1148 CEST on Monday, shares in TBS Group traded 1.68% lower at 8.80 levs on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)