May 21 (SeeNews) - Power utility CEZ Distribution Bulgaria [BUL:3CZ] said that it is planning to skip dividend distribution for 2018 and retain its profit for the year in full.
The company also skipped dividend distribution for 2017.
CEZ Distribution Bulgaria shareholders will vote on the proposal at a general meeting scheduled for June 26, the company said in a bourse filing on Monday.
CEZ Distribution Bulgaria shares last traded on the Bulgarian Stock Exchange at a price of 216 levs apiece.
The power utility's non-consolidated net profit shrank to 3.8 million levs in 2018 from 27.1 million levs the year before.
Czech energy group CEZ said last month that it has started exclusive talks for the sale of its assets in Bulgaria, including a majority stake in CEZ Distribution Bulgaria, with financial and insurance group Eurohold Bulgaria [BUL:4EH].
(1 euro = 1.95583 levs)