MEXICO: Femsa lines up dividend payment, share buyback programme

By just-drinks.com editorial team | 25 March 2008

Fomento Economico Mexicano (Femsa) has confirmed details of its latest dividend payment.

The Mexican drinks company said yesterday (22 March) that it intends to pay MXN0.48 per UBD share. The payment will be proposed to shareholders at a meeting on 22 April, the company said in a filing with the Mexican Stock Exchange.

Femsa also said that it is targeting share buybacks in 2008 to the tune of up to MXN3bn (US$280.8m).

Last month, the company, which operates a Coca-Cola bottling unit and a brewery arm in Mexico, said that net income in 2007 leapt by 21.1% on 2006, coming in at MXN11.94bn, as sales headed north, rising 8.4% to MXN147.56bn.

Operating profit also rose, by 6% to MXN19.57bn.

Sectors: Beer & cider, Soft drinks, Water

Companies: Fomento Economico Mexicano