Totvs calls shareholders to discuss 1-for-5 share split

Wednesday, February 2, 2011

Brazil's largest software company, Totvs, has called a shareholders' meeting for March 10 to discuss a proposed 1-for-5 share split, the company said.

Totvs' management board has approved the distribution of 60.1mn reais (US$36.3mn) worth of dividends, which corresponds to 1.9106 reais per share. The dividends will be paid in up to 60 days after the meeting, based on March 10 shareholdings.

Totvs said Monday (Jan 31) that its net profit grew 14.6% last year compared with 2009, to 138mn reais, while net revenue rose 14.2% to 1.13bn reais. Ebitda increased 16.2% to 289mn reais, while Ebitda margin rose by 4 percentage points to 25.6%.

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