June 1 (SeeNews) - Croatian electrical equipment manufacturer Koncar Elektroindustrija [ZSE:KOEI] said on Tuesday its shareholders approved a proposal from its minority shareholder Erste Plavi Mandatory Pension Fund to distribute a dividend of 5.80 kuna ($0.94/0.77 euro) per share.
Koncar Elektroindustrija will pay out the dividend from last year's profit and retained earnings from previous years, it said in a bourse filing.
Last month, Erste Plavi Mandatory Pension Fund made a counter-proposal to distribute a dividend of 5.80 kuna per share after Koncar Elektroindustrija management announced it was planning to retain the company's entire distributable profit of 6.1 million kuna reported at the end of 2020.
The company skipped the payment of dividend in 2020, after distributing 15 kuna per share in 2019.
As of Tuesday, Erste Plavi Mandatory Pension Fund held a 15.32% stake in Koncar Elektroindustrija, Zagreb bourse data showed.
Koncar Elektroindustrija's shares traded 1.42% higher at 715 kuna by 1455 CET on Tuesday on the Zagreb Stock Exchange (ZSE).
The net profit of Koncar Elektroindustrija fell to 6.8 million kuna in 2020 from 7.4 million kuna in 2019.
Koncar Elektroindustrija is part of Koncar Group, which offers turnkey construction of power plants, manufactures transformers, generators, motors, switchgear and other equipment for power generation, transmission and distribution, as well as tramcars, electric multiple units, railway plants and accompanying equipment and systems.
(1 euro = 7.50864 kuna)