Shareholders at Coca-Cola FEMSA have approved an increased dividend payment.

The bottler confirmed yesterday (27 March) that a dividend payment of MXN809m (US$73.1m) will be made in May, and was backed by shareholders at its recent annual general ordinary shareholders meeting.

The dividend, which equates to MXN0.4380 per ordinary share and MXN4.38 per ADR, will be paid on 15 May. The payment represents a 12% increase in real terms compared to the dividend paid last year, the company noted.

At the meeting, shareholders also approved the annual report presented by the board, the consolidated financial statements for the year to 31 December and the composition of the board for this year.

Mexican drinks group FEMSA holds a 53.7% stake in the Latin American bottler. Coca-Cola FEMSA accounts for half of Coca-Cola Co.'s volumes in Mexico and 40% of volumes throughout Latin America.

Last year, Coca-Cola FEMSA saw profits inch up over 2% as raw material costs and growing competition weighed on earnings.