March 27 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:MSH] said on Wednesday that it is proposing to distribute a gross dividend of 0.40 levs ($0.22/0.20 euro) per share for 2023, as much as it paid a year earlier, and raise its capital by up to 110 million levs.
M+S Hydraulic plans to pay out as dividends some 15.77 million levs from its net profit reported for last year, the company said in a bourse filing. The remaining earnings will be retained as undistributed profit.
If approved, the dividend will be distributed over six months, starting July 18.
In addition, M+S Hydraulic plans to increase its capital by issuing new shares over a five-year period.
Shareholders are set to vote on the proposals at a general meeting scheduled for May 21.
M+S Hydraulic is an affiliate of local diversified group Stara Planina Hold [BUL:SPH]. As of 1515 CET on Wednesday, shares in M+S Hydraulic traded 4.90% higher at 10.70 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)