April 19 (SeeNews) - North Macedonia's Sava Penzisko Drustvo, which holds a 9.25% stake in Makedonijaturist [MSE:MTUR], has proposed that the hotel management company distributes a gross dividend of 380.815 denars ($6.96/6.19 euro) per share for 2018, Makedonijaturist said in a bourse filing on Friday.
Earlier this month, Makedonijaturist's board of directors proposed to shareholders to approve a gross dividend of 239.307 denars per share for 2018.
At the end of Makedonijaturist had 30.9 million euro in accumulated profit and reserves, over 20 million euro in deposits and virtually zero debt, Sava Penzisko Drustvo said in its proposal, filed with the Macedonian Stock Exchange by Makedonijaturist.
The stable financial condition of Makedonijaturist allows for the distribution of a higher dividend without impacting the company's performance, Sava Penzisko Drustvo said.
Makedonijaturist's shareholders will vote on the proposals at a meeting scheduled for May 8.
Makedonijaturist's non-consolidated net profit rose by an annual 2% to 112.1 million denars in 2018.
Sava Penzisko Drustvo is a wholly-owned unit of Slovenian reinsurer Sava Re [LJE:POSR], according to data from Sava Penzisko Drustvo's website.
(1 euro = 61.52 denars)