Bulgaria's Gradus Eyes 14 Mln Euro Dividend Income in 2018, Share Price Rises

Bulgaria's Gradus Eyes 14 Mln Euro Dividend Income in 2018, Share Price Rises

Bulgarian poultry producer Gradus [BUL:GR6] expects its income from dividends distributed by its subsidiaries to amount to 27.2 million levs ($16.2 million/13.9 million euro) this year, it said on Thursday. Most recently, Gradus' wholly owned units Millennium-2000, Lora-2004, Zhyuliv and Gradus-1 decided on Thursday to distribute a total of 3.35 million levs in dividend for 2017, Gradus said in a filing to the stock exchange in Sofia. In addition, the shareholders of Gradus-98, a company majority owned by Gradus, will vote on a proposed dividend distribution, according to which Gradus will receive 2.5 million levs. The shareholders meeting of Gradus-98 is scheduled for November 15. In the filing, Gradus also reaffirmed its commitment to propose to its shareholders at next year's general meeting a dividend distribution equal to 90% of its net profit. The commitment was included in the company's initial public offering (IPO) prospectus.

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