Instead of paying a dividend this year, Toronto-based Cott Corp., has said it would rather use the money to expand or cut debt.

As reported by Bloomberg News, the company, which first cancelled the dividend payout in 1998 has said that its shareholders equity will exceed the minimum required to pay dividends under the terms of its senior unsecured notes.

In a filing with securities regulators, Cott Corp., which produces soft drinks for North US companies (including Wal-Mart Stores Inc.), said that resumption of dividend payments is unlikely as the company currently intends to use cash for future growth or repayment of debt.