Investment firm Industrivarden to hold back on dividend until 2021

Swedish investment firm Industrivarden on Tuesday said it will not decide on a dividend for 2019 until next year due to continued economic uncertainty caused by the COVID-19 pandemic.

STOCKHOLM, Oct 27 (Reuters) - Swedish investment firm Industrivarden INDUa.ST on Tuesday said it will not decide on a dividend for 2019 until next year due to continued economic uncertainty caused by the COVID-19 pandemic.

"Due to continued uncertainty ... and the fact that dividends from the portfolio companies have largely not transpired in 2020, the Board of Directors has decided not to convene ... during the current year to decide on a dividend," the company's board of directors said in a statement.

Industrivarden, which owns stakes in companies such as AB Volvo VOLVb.ST, Sandvik SAND.ST and Ericsson ERICb.ST, plans to submit its proposed dividend for 2020 when its annual report is published in February 2021, the board said.

Earlier this year, the holding company withdrew its dividend proposal in April as the pandemic hit, but said at the time it had the ambition to revisit the issue during the autumn.

(Reporting by Colm Fulton, editing by Niklas Pollard)

((Colm.Fulton@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

SAND

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More