21 January 1999: Latvian Valmiera Glassfibre said that its management would propose a dividend on 1998 profits of no lower than the 1.3 santimes per share it paid for 1997 profits.
Valmiera, which ha…
21 January 1999: Latvian Valmiera Glassfibre said that its management would propose a dividend on 1998 profits of no lower than the 1.3 santimes per share it paid for 1997 profits. Valmiera, which has set its general shareholders“ meeting for 24 April, said earlier its 1998 sales came to 12.732 lats versus 10.454 million lats the year before. It has planned a net profit between 940,000 and 960,000 lats compared to 740,000 lats in 1997, of which 150,000 lats were earmarked for dividends. “The year has been completed better than expected which means there will be dividends. We plan a 1998 dividend not less than in 1997, but the vote would be with the shareholders, of course,” said Valmiera council chairman Inars Polaks. The agenda of the April shareholders meeting includes distribution of 1998 profit as well as passing the 1999 budget. Valmiera, with basic capital of 12.485 million lats, is 49% owned by Germany“s Glasseiden GmbH Oschatz. A 10% stake is held by U.S investment fund NCH Development Partners.