Proximus Shares Fall 20 Percent Following Dividend Cut
Proximus shares fell 20 percent today as the telco halved its dividend to 0.30 euro. Annual earnings rose 15.5 percent to 2.3 billion euros, beating estimates.
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The shares of PROXIMUS experienced their most significant single-day drop on record Friday after the company announced it would halve its annual dividend. The stock price tumbled by approximately 20% following the disclosure that the operator would propose a dividend of 0.30 euro per share, down from the 0.60 euro paid out in the previous year. The Belgium-based company stated the reduction is necessary to manage debt levels while funding extensive network upgrades.
