Central European Distribution Corporation, the US-based European drinks group, has announced that its board has approved a three-for-two stock split to be effected in the form of a 50% stock dividend.

CEDC shareholders will receive a dividend of one share of common stock for every two issued and outstanding shares of the company's common stock held by stockholders of record on 29 May. Stockholders will receive cash in lieu of fractional shares.

Following the stock split, CEDC will have approximately 35,651,673 shares outstanding, based on the number of shares as of 16 May. The company has established 12 June as the payment date for the stock split to be effected by the planned dividend.

"This is our third stock split and is in response to our continued growth and the increase in the market price of our common stock since our last split," said CEDC's president and CEO William V. Carey.