ORAN Orange

   By Mauro Orru 
 

Orange said Friday that its board of directors would propose a reduced dividend at the annual general meeting on May 19, which will be held behind closed doors due to the coronavirus pandemic.

The French telecommunications company said the board would propose a dividend of 50 European cents (54 cents) a share, down from EUR0.70 a share as previously expected.

Orange said the reduction in the proposed dividend implied the EUR0.40 balance to be paid June 4 would be slashed to EUR0.20.

The company added it would review its goal to distribute a dividend of EUR0.70 per share between 2020 and 2023 at a later stage.

"Based on currently available information, Orange does not expect a significant deviation from its 2020 objectives, but we are closely monitoring the situation and its developments," said Stephane Richard, chairman and chief executive.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

April 17, 2020 02:01 ET (06:01 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.