July 31, 2018 / 3:05 PM / 4 months ago

Bosnia's BH Telecom to pay higher dividend

SARAJEVO, July 31 (Reuters) - BH Telecom is to pay a higher dividend for 2018 in response to a request from the government of the autonomous Bosniak-Croat Federation, which has a 90 percent stake in the company.

The Sarajevo-based group, the largest of the three telecoms firms in Bosnia, will pay 110.3 million Bosnian marka ($65.9 million) in dividends for 2018 at 1.737258 Bosnian marka per share, the company said in a stock exchange filing on Tuesday.

The government wants to use the dividend for capital investment in infrastructure.

Out of 110.3 million marka payment, 56 million will come from the company’s 2017 profit of 70 million marka, 22.5 million marka from accumulated profit from the previous years and 31.7 million marka from the company’s reserves’ fund, a BH Telecom’s spokeswoman told Reuters.

Last year, BH Telecom paid out dividend of 67.9 million marka from its 2016 profit at 1.070887 marka per share.

BH Telecom’s shares traded flat at 12.12 marka on the Sarajevo Stock Exchange on Tuesday. (1$ = 1.674 Bosnian marka)

Reporting by Daria Sito-Sucic; Editing by Jane Merriman

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