May 17 (SeeNews) - Croatian food, beverage and drug producer Podravka said on Wednesday it plans to pay a gross dividend of 7 kuna per share ($1.0/0.9 euro) from its 2016 net profit.
Podravka distributed an equal sum last year when it resumed dividend payment after a 10-year pause.
The company intends to direct 10 million kuna from its 2016 non-consolidated net profit of 179.3 million kuna towards legal reserves, while a portion of the remaining unallocated funds will be transferred to other reserves, Podravka said in a filing with the Zagreb bourse.
The proposed dividend payout must be approved by the company's general shareholders meeting scheduled for June 30.
The Croatian government owns a 25.4% stake in Podravka, while the remainder is in the hands of banks and pension funds.
(1 euro=7.43143 Croatian kuna)