April 9, 2020 / 8:22 AM / 2 months ago

Solvay withdraws guidance, asks shareholders to support fund

BRUSSELS, April 9 (Reuters) - Solvay on Thursday withdrew its 2020 guidance citing the coronavirus pandemic but the Belgian chemicals maker maintained its dividend for the year of 3.75 euros ($4.07) per share.

“Due to heightened uncertainty and prolonged duration of events, the Group is withdrawing its full year 2020 guidance,” Solvay said in a statement.

It also called on its shareholders to contribute a third of their final dividend to a newly created COVID-19 solidarity fund to support employees and dependents impacted by the pandemic.

“The Board approved and calls on all shareholders to contribute one third of their final dividend (equivalent to 0.75 euros per share) towards that fund,” Solvay said.

The company said in February it expected its underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) to be flat to down 3% versus as 2.32 billion euros ($2.52 billion) in 2019.

$1 = 0.9205 euros Reporting by Marine Strauss @StraussMarine; editing by Jason Neely

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below