Manhattan Bridge Capital, Inc. Declares Quarterly Dividend
GREAT NECK, N.Y., March 13, 2023 (GLOBE NEWSWIRE) — Assaf Ran, Chairman of the Board and CEO, stated, “2022 was a good year for Manhattan Bridge Capital. We had a new net earnings record of over $5.2 million, and despite the uncertainty in the real estate market, we avoided losses and collection difficulties. However, the dramatic increase in our interest expense caused by a significant rate increase on our line of credit is a burden on our income from operations. Therefore, we believe that in order to preserve the company’s capital, and to increase shareholder value, a dividend of $0.1125 per share is what the company should pay for the first quarter of 2023. As the biggest shareholder of the company and a personal guarantor on the company’s line of credit, I moved and supported this decision,” added Mr. Ran.