In conjunction with the closing of the Freybe transaction it will be increasing its quarterly dividend by 6.3% to $0.3125 per share from $0.294 per share. The increase will commence for the dividend period ended 28 June, with the first dividend under the new rate being payable on 15 July.
“Over the last seven years we have made significant progress towards achieving our goal of a 50% dividend payout ratio,” said George Paleologou, president and CEO.
“Last year our payout ratio was 52%. This compares to a payout ratio of over 100% when we first started to declare distributions to our shareholders in mid-2005.
“We expect the Freybe transaction to reduce our payout ratio to below our 50% target and, accordingly, we are pleased to be able to reward our shareholders with a dividend rate increase.”
Source: Premium Brands
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