SOFIA (Bulgaria), March 21 (SeeNews) - Bulgaria's largest car battery manufacturer MonBat said on Friday it will propose to pay 0.18 levs ($0.14/0.09 euro) per share in cash dividend for 2007 and will double its capital to 39 million levs through a bonus issue.
The company, which distributed no dividend for 2006, plans to pay a total 3.482 million levs in cash dividend for last year, it said in a statement to the Bulgarian Stock exchange.
The company willl double its current share capital of 19.5 million levs through capitalisation of reserves and the remaining 13.927 million levs of its 2007 net profit. It will issue 19.5 million new shares with a par value of 1.0 lev each, which will be distributed to company shareholders on record as of May 30
MonBat shareholders will vote on the proposed dividend payment and capital increase on May 16.
The company said earlier it plans to distribute at least 20% of its 2007 profit as dividend. MonBat's net profit rose 128.8% last year to 17.4 million levs.
MonBat is majority-owned by Bulgarian lubricants producer Prista Oil. Exports generate about 85% of MonBat's revenue with the company exporting to Germany, the Netherlands, Ukraine and Bulgarian neighbours Romania and Serbia. It plans to invest 64.2 million levs in modernisation and capacity expansion by the end of 2009.
share in MonBat, which is part of the blue-chip SOFIX index of the Sofia market, lost 3.42% to 24.5 levs on Friday in a volume of 11,239 stocks.
(1 euro = 1.95583 Bulgarian levs)
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