MEXICO: FEMSA investors welcome dividend leap
Mexican drinks group FEMSA has been given shareholder approval for its annual dividend payout.
The Latin American beverage giant said yesterday (29 March) that shareholders at its AGM approved the payment of an ordinary dividend from 2006 to the tune of MXN1.5bn (US$136.1m), a 51% leap on the dividend payment a year earlier.
The dividend will be paid on 15 May, with 0.22217 pesos for each series B share and 0.27771 pesos for each series D share. This corresponds to actual dividend payments of 1.33301 pesos for each BD Unit and 1.11085 pesos for each B Unit. Therefore, each ADR will receive a dividend payment of 13.3301 pesos.
Stockholders also approved a three-for-one stock split, which is expected to take place during the second quarter of this year. Investors also gave the green light to FEMSA being able to use MXN3bn as the maximum amount that could potentially be used in stock repurchases, as per Mexican legislation.
Last year, FEMSA saw operating income increase by 6% year-on-year to MXN17.4bn on the back of a 13% jump in revenues to MXN126.4bn.
The company's three business areas - beer, soft drinks and retail - "contributed positively to this double-digit pace", FEMSA said at the time.
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