Komercijalna banka converts preferntial shares, dividend increases

At yesterday’s meeting, the Managing Board at Komercijalna banka from Belgrade called for the special shareholders’ assembly for November 19.

The agenda will comprise only two topics. One of them is a decision on the change of dividend policy and the other one is decision of exchange of preferential convertible shares into ordinary ones. Investors expect increase in dividend for ordinary shares while decision on conversion of preferential shares will increase the number of ordinary shares for 8.108.646 to 16.817.956.

Just for reminiscence, only five passive shareholders have preferential convertible shares and they are the Republic of Serbia, EBRD, IFC Capitalization Fund, DEG Fund and SWED Fund.

The bank shareholders which have at least 1% shares with the voting right at the Day of shareholders (November 9, 2014) will have the right to participate at the upcoming assembly. As the president of the Executive Board at Komercijalna banka, Ivica Smolic, said a few days ago, privatization of this bank will end in late 2017 or 2018.