Ten Square Games to replace dividends with buyback after writedown

Ten Square Games

21/11/2023 13:55

GDANSK, Nov 21 (Reuters) - Polish mobile games producer
Ten Square Games  TENP.WA  will carry out a share buyback
instead of paying dividends in 2024 after a writedown that is
expected to lower fourth-quarter profit.
    Finance chief Magdalena Jurewicz said the company will use
its cash reserves of 133.8 million zloty ($33.3 million) for a
buyback that will not exceed 115 million zlotys.
    The writedown is related to Ten Square Games' acquisition of
Italian business Rortos and will reduce fourth-quarter profit by
4.9 million euros, she added.
    The shareholders will vote on the buyback Dec. 19. 
($1 = 4.0130 zlotys)

 (Reporting by Marta Maciag
Editing by David Goodman)
 ((Marta.Maciag@thomsonreuters.com;))