The majority of the shares traded on the Macedonian Stock Exchange have been listed during the statutory listing process implemented by the changes in the Law on Securities in the 2002. The shares are all registered dematerialised shares; all shares traded on the Macedonian Stock Exchange are entered in the central registry of the Central Securities Depository.
The majority of shares on the Macedonian Stock Exchange are ordinary shares. They enable the shareholder the right to take part in the decision-making in the company. If the company operates with profit, the owners of ordinary shares may receive dividends. The amount of the dividend is decided upon by the shareholders at a General Meeting of the Shareholders. Macedonian companies usually pay dividends once a year. The General Meetings of Shareholders, according to the Law of Trade companies, must be held not later than six months after the end of the calendar year or 14 months from the last annual meeting. The companies, according to the Law on Trade Companies, for the account ending on 31 th December must pay out dividends not latter than the end of the third quarter in the following year. The Dividend Calendar for the listed companies is given by the company and according to the Listing Rules of MSE it should be published on the web page of the MSE not later than one day after the General Shareholders Assembly is held.
Preferred shares are less frequent in Macedonia. Their owners have the right to receive dividend that is decided upon beforehand, and they can not participate in the decision-making process at the General Meeting of Shareholders. At the Meeting, the owners of ordinary shares may endorse a dividend for preferred shares which is higher than that decided upon beforehand.