May 17 (SeeNews) - Power utility CEZ Electro Bulgaria [BUL:1CZ], part of Czech energy group CEZ, said on Friday that it intends to skip dividend distribution for 2018 and retain in full its profit for the year.
CEZ Electro Bulgaria shareholders will vote on the proposal at a general meeting scheduled for June 27, the company said in a bourse filing.
The company's shares last traded on the Bulgarian Stock Exchange at a price of 23,800 levs ($13,594/12,169 euro) apiece.
CEZ Electro Bulgaria's net profit more than halved to 15.4 million levs in 2018 from 36.3 million levs in 2017.
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 Electro Bulgaria, with financial and insurance group Eurohold Bulgaria [BUL:4EH].
(1 euro = 1.95583 levs)