Decision of the board of AB Utenos Trikotažas regarding dividends
AB Utenos Trikotažas (hereinafter – the Company) will not allocate funds to pay dividends to shareholders for 2017. This proposal by the Company’s board, which must still be approved by the participants of an ordinary general meeting of shareholders that is being convened, takes into consideration the need to finance the rapid growth of business that company enjoys recently.
“In the light of current growth dynamics, we forecast that we will maintain double-digit growth of sales of goods and services in 2018 that will require additional funds for working capital. The sales of the company for the first quarter of 2018 are estimated at EUR 7.0 million, which is approx. 40 percent above than the same quarter last year. Such level of quarterly sales has not been seen since 2008. In addition, in 2018 we continue investing to expand production capacity and acquire new technological equipment. The investments expected to exceed last year’s level and reach approx. EUR 1.0 million. Upon shareholders’ approval, we believe this decision will make it possible to successfully realize growth opportunities that will add value for shareholders,” says Algirdas Šabūnas, the Managing Director of the AB Utenos Trikotažas group.
Note that the ordinary general meeting of the shareholders of AB Utenos Trikotažas, registered address J. Basanavičiaus g. 122, LT-28214 Utena, company code 183709468, which is being convened at the initiative of the board of the Company and by the board’s decision No. 18-02 of 29 March 2018, will take place on 24 April 2018 at 11:00 a.m. at J. Basanavičiaus g. 122, Utena (in the conference room). Registration of shareholders will start at 10:00 a.m.
For more information please contact Mr. Algirdas Šabūnas, Managing Director of AB Utenos trikotažas, tel. No. 370 389 51445.
Managing Director AB “Utenos trikotažas” Algirdas Šabūnas
About Utenos Trikotažas AB:
Utenos Trikotažas AB is the largest and most modern textile group in Central and Eastern Europe and part of the SBA concern. Companies in the Group include Šatrija, Gotija and Mrija (Ukraine). The company Utenos Trikotažas itself owns two retail brands – UTENOS and ABOUT. In 2017, Utenos Trikotažas AB was the first in Lithuania to join Greenpeace’s “Detox” project for fashion without pollution and commit by 2020 to eliminate from its production chain any chemical substances that adversely affect people or the environment.