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GARO

GARO

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Garo: Amended dividend proposal

15:00 / 6 April 2020 GARO Press release

The Board of Directors of GARO AB (publ) has decided to withdraw the previously announced dividend proposal to the Annual General Meeting 2020 of SEK 4.20 per share. The decision has been made despite the fact that GARO's financial position is strong, with a high solvency ratio, low net debt and good liquidity. The decision does not signal a change in the company's long-term dividend policy.

The reason for this decision is the significant uncertainty that prevails in the external environment as a result of the effects of the spread of Covid-19 infection. As a precautionary measure and to better understand the consequences of the Corona pandemic, the Board of Directors will propose to the Annual General Meeting that no dividend be paid.

The Annual General Meeting will take place on Tuesday, May 19, 2020 at. 17:00. The intention is to conduct the AGM in accordance with the recommendations of the Public Health Agency of Sweden.

GARO develops, manufactures and supplies innovative products and systems for the electrical installations market under its own brand. With a focus on user-friendliness, sustainability and design, GARO takes responsibility for the entire life cycle of its product areas within Electrical distribution products, Project business, Temporary electric installations and E-mobility. 

At year-end, the Group had 420 employees with operations in Sweden, Norway, Finland, Ireland, Poland and Great Britain and Northern Ireland. Sales are divided into GARO Sweden and GARO Other markets. The head office is in Gnosjö, Sweden. Production units are located in Gnosjö and Värnamo, Sweden, and in Szczecin, Poland. GARO is listed on Nasdaq Stockholm, Mid Cap. The business concept is "with a focus on innovation, sustainability and design, GARO provides profitable complete solutions for the electrical industry."

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