February 26 (SeeNews) - Croatian tourism company Imperial Riviera [ZSE:HIMR] said on Wednesday it plans to distribute a dividend of 34.92 kuna ($5.1/4.7 euro) per share from its 2019 profit.
The proposal will be put to the vote at a forthcoming general shareholders' meeting, with the date to be announced soon, Imperial Riviera said in a statement with the Zagreb Stock Exchange (ZSE).
If approved, the dividend will be paid out on May 19, with the ex-dividend day set at April 24.
Imperial Riviera shares traded 2.56% higher at 800 kuna by 0900 CET on Wednesday, following the announcement of the planned dividend distribution.
Imperial Riviera was set up in July 2019 following the merger of hotel operator Hoteli Makarska into Rab-based peer Imperial. The merger was completed after both companies were privatised by the AZ pension funds managed by local pension fund management company Allianz ZB in partnership with tourism group Valamar Riviera [ZSE:RIVP].
As of November 2019, Valamar and the AZ pension funds had invested more than 1.0 billion kuna in the acquisition of Imperial and Hotel Makarska and the subsequent strengthening of their portfolios.
As of February 26, Valamar controls 52.84% of Imperial Riviera, while AZ OMF pension fund category B has a 37% stake, bourse data showed. The remainder belongs to minority shareholders, including other AZ pension funds with ownership stakes of less than 1.0%.
(1 euro = 7.45556 kuna)