August 13 (SeeNews) - Montenegrin power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG] is planning to skip dividend distribution for 2018, it said.
EPCG intends to keep its 44.1 million euro ($49.4 million) profit for 2018 as undistributed, the company said in a bourse filing.
The company's shareholders will vote on the proposal at a general meeting scheduled for August 30.
Moreover, EPCG intends to propose to its shareholders the cancellation of 43,777 shares bought back in February 2018 and 13,052,876 own shares repurchased from Italian power utility A2A in September 2018.
As a result, the capital of EPCG will be reduced by 85.4 million euro to 769.9 million euro, the company said.
Montenegro's government said in July 2016 it received an offer from A2A for the sale of the company's 41.7% stake in EPCG. The government will pay 250 million euro for the shares held by A2A in seven annual instalments so as not to burden the state budget, the government said at the time.
EPCG paid last year a gross dividend of 0.4214 euro per share on 2017 earnings.
($ = 0.893517 euro)