May 12 (SeeNews) - Bulgaria's Tchaikapharma High Quality Medicines [BUL:THQM] said on Friday that it is proposing to its shareholders to skip dividend distribution for 2022.
Instead, Tchaikapharma plans to set aside for mandatory reserves 10% of its net profit of 2.79 million levs ($1.56 million/1.43 million euro) reported for 2022, as well as 12,723 levs for its additional reserves, the company said in a bourse filing.
The company intends to use the remainder of its earnings from last year, along with 1.8 million levs from its undistributed profit, to increase its equity capital by 4.3 million levs to 88.8 million levs.
Tchaikapharma's shareholders will vote on the proposal at a general meeting on June 20.
The company skipped dividend distribution for 2021.
As of 1535 CET on Friday, shares in Tchaikapharma traded 0.60% higher at 16.80 levs.
(1 euro = 1.95583 levs)