The Board of the furniture manufacturing company Vilniaus Baldai AB, which is controlled by investment company Invalda, offer dividends and bonuses not to pay. It is also proposed to allocate 25 million Litas to reserve for the own shares acquisition.
“The proposal to form the reserve does not imply that we will definitely buy the shares, we only want to have such opportunity. This will be decided on an individual basis, in the light of the activity results of the company and the situation in the market“, said Vytautas Bucas, the Chairman of Vilniaus Baldai and Invalda Boards’.
At the shareholders’ meeting to be held on April 29 shareholders will also be proposed to vote for the change of one Board member. Vilniaus Baldai AB Board member Raimondas Rajeckas, who is also CFO of Invalda AB, may be replaced by Dalius Kaziunas, the Board member of Invalda AB.
Almost 100 % production exporting Vilniaus Baldai in 2009 received 148.966 million Litas revenue and earned 15.59 million Litas consolidated net profit.
Consolidated annual report for 2009 of Vilniaus Baldai AB (pdf)