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According to the Chapter 6 of the Listing Rules, we are publishing the following price sensitive information


In recent days, media reports have emerged that the NBRM is expecting banks to retain much of their profits in 2019 by refraining from dividend payments to deal with the adverse financial consequences of COVID - 19. The government also issued a Decree with legal force for the application of the Company Law during an state emergency, according to which the procedures for convening and holding an annual meeting of shareholders, are postponed for the duration of the state emergency. In this regard, Komercijalna Banka AD Skopje submits to the Macedonian Stock Exchange the following price sensitive information.

The Management Board and the Supervisory Board of Komercijalna Banka believe that the Bank should remain to the already proposed Decision to the Shareholders Assembly whereby the undistributed profits for 2019 are allocated to 553 million denars for the Bank's reserves which increases its capital and 1,253 million denars dividend of the Bank's shareholders. In fact, according to the recommendations of the Securities and Exchange Commission for participation and voting of the Assembly by correspondence, which was scheduled for 02.04.2020, as of 27.03.2019, 52.92% of the Bank's shareholders have already voted on the proposed Decision.

We value that this Decision remains justified for the following reasons:

Komercijalna Banka continuously allocates a significant portion of its earnings in reserves and increases its equity. For example, in 2019 only 823 million denars (13.4 million euros) of profits in 2018 were allocated, and this year also the proposed decision allocates 553 million denars (nearly 9 million euros) in the Bank's reserves. Thus, the Bank's capital will amount to 11,987 million denars (or almost 195 million euros). It shows that Komercijalna Banka has a solid capital base to face the expected movements and consequences on the economy and the population, meets all legal and supervisory standards, is liquid and solvent.

Unlike all the major foreign-owned banks in the country, Komercijalna Banka AD Skopje is almost wholly owned by domestic shareholders. As of 29.02.2020, 96.42% are domestic shareholders and only 3.58% are foreign shareholders. This also means that almost the entire amount of the projected dividend, ie 96.42%, will be paid to domestic legal entities and individuals, unlike other larger banks, where the usual dividend is usually transferred abroad. In the case of Komercijalna Banka, according to the current state of the stock book, the dividend will be paid to 4,555 domestic individuals in the amount of 476 million denars, to 344 domestic legal entities in the amount of 679 million denars and also tax will be paid to the Budget in the amount of 57,4 million denars. This means that dividend payments will improve the liquidity of all these entities, including the state budget, which we consider to be particularly important in this period when both the economy and the population face problems.

In view of these arguments, the Management Board and Supervisory Board of Komercijalna Banka AD Skopje remain on the proposed decision to allocate 2019 profit (for which 52.92% of the shareholders have already voted so far) to 553 million denars for the Bank's reserves and 550 gross dividend per share. We expect the dividend payment to occur after the end of the state of emergency and the continuation of the Bank's Shareholders Assembly or when legal requirements will be created with the Decree on the application of the Company Law.


Објавено на: 30.03.2020 09:28:47
Документ БР.: DOC_10686-220/2020
Урнек: Other price sensitive information