March 27 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] said it has cancelled a meeting of shareholders who were supposed to vote on a proposed dividend payment of 1.20 kuna ($0.17/0.16 euro) per share and will not pay dividend from May 20 as planned.
The 2020 dividend was supposed to be paid from the company's retained profit achieved in 2016 and 2017, and was up 0.20 kuna on last year's dividend payout, the company said in a filing to the Zagreb Stock Exchange (ZSE) on Wednesday.
Valamar's consolidated net profit increased by 27.9% in 2019, to 305.9 million kuna.
The hotel operator owns five brands: Valamar Collection, Valamar Collection Resorts, Valamar Hotels and Resorts, Sunny and Camping Adriatic. Valamar Riviera operates 37 hotels and resorts and 15 camping resorts in several attractive destinations along the Adriatic coast – from Istria and the islands of Krk and Rab to Dubrovnik.
Valamar's shares traded 3.32% higher at 21.80 kuna by 1254 CET on Friday on ZSE.
(1 euro = 7.61116 kuna)