Molson Coors has approved a two-for-one split of the company's outstanding Class A and Class B common shares.

The North American brewer said yesterday (2 August) that the stock split will be implemented in the form of a 100% stock dividend payable to shareholders of record on 19 September. The additional common shares will be issued on 3 October.

Molson Coors claimed that the split was due to the recent appreciation in its stock price. The company said it also wants to keep its shares accessible to individual shareholders and "to further enhance the liquidity of its shares".

The company also posted details of its quarterly dividend and confirmed that it will pay shareholders US$0.32 per share. The  payment will be made on 14 September to shareholders of record on 31 August.

The quarterly dividend is payable to holders of Class A and Class B common stock of Molson Coors, as well as to holders of Class A and Class B exchangeable shares of Molson Coors Canada.