Bulgarian Car Battery Maker MonBat Plans to Disburse 3.3 Mln Euro in Dividend

Bulgarian car battery maker MonBat [BUL:5MB] plans to disburse 6.5 million levs ($4.9 million/3.3 million euro) in 2010 dividend, after skipping dividend payment for two years.

MonBat's management board proposes to allocate to reserves 8.1 million levs of the company's 2010 after-tax profit of 14.6 million levs, and to distribute the remainder as dividend among shareholders, it said in a statement on Tuesday.

The proposal is pending approval by the company's shareholders at a meeting scheduled for June 27.

Following the completion of a buyback procedure, the net and gross amount of due dividend per share shall be determined after receiving the list of shareholders from the Central Depository within a fortnight of the general assembly, when the range of persons entitled to receive dividends will be specified, the company said.

MonBat, a component of the benchmark SOFIX index of the bourse in Sofia, traded 0.07% lower at 7.1 levs in a volume of 31 shares by 0945 GMT on Wednesday.

(1 euro = 1.95583 Bulgarian levs)

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