Montenegro's Crnogorski Telekom to pay higher dividend

The company's shareholders decided on June 5 to distribute as dividend an overall 5.56 million euro from last year's profit, and to allocate the remaining 1.08 million euro to retained earnings, Crnogorski Telekom said in a statement on Wednesday.

The company's shareholders also decided to cut its share capital by cancelling the telecom's own shares.

In addition, the shareholders approved a new share buyback programme worth 3 million euro that will be implemented in the next ten months.

Crnogorski Telekom's stocks last traded on the Montenegro Stock Exchange on June 3, shedding 4.67% to close at 1.9349 euro, as 458 shares changed hands.

Deutsche Telekom's Croatian arm - Hrvatski Telekom, owns 77% of Crnogorski Telekom. The Montenegrin company itself controls a 1.5% stake in its capital, while the remainder belongs to small shareholders, according to June 6 bourse data.

Crnogorski Telekom said earlier that its net profit jumped to 6.6 million euro last year from 2.4 million euro in 2022. It is the second largest mobile services provider in Montenegro, a country of some 630,000 people. It competes with M:tel (part of Telekom Srbija group) and One Crna Gora (part of Hungary's 4iG).

($ = 0.920 euro)