The Ekspress Group, a media concern largely owned by businessman Hans H. Luik, has approved a dividend policy where 30 percent of annual profits will be paid towards dividends, while has proposed an extraordinary dividend of €0.10 per stock.
From 2022, Ekspress Group will pay 30 percent of the previous year's profit as dividends, under the condition that there are enough resources to fund main activities new strategic investments. If the economy slows down or when cash flows decrease, the company can reduce the dividend percentage, it says.
Board chair at the Ekspress Group Mari-Liis Rüütsalu said that the company's goal is to ensure a strong and sustainable capital structure, in order to maintain the desired freedom of action and take advantage of the development options of different economic cycles. "To support growth, Ekspress Group has made it its primary goal to equally divide the level of investments, loan repayment and profit," Rüütsalu said.
These extraordinary dividends are related to the sale of a printing house, Printall Ltd., to Luik's group.
"At the same time, Ekspress Group proposed to shareholders payment of extraordinary dividends of €3,028,287; €0.10 cents per stock in connection with the sale of Printall Ltd. this year," the company announced.
The extraordinary dividends will be paid to shareholders on November 23, 2021. The decision must be approved by the general meeting of shareholders before it can take effect.
Ekspress Group, which started operations in 1989 as press freedoms grew during the drive towards Estonian independence, employs almost 1,400 people, has large portals in all three of the Baltics, and publishes daily and weekly newspapers and magazines, including the investigative weekly Eesti Ekspress, and the agricultural-focused weekly, Maaleht.
Editor: Roberta Vaino