Molson Coors Brewing Co has proposed a near-17% rise in the quarterly dividend on its Class A and Class B common shares.

The Canada-based brewer’s board proposed yesterday (3 May) to raise the dividend by $0.04 to US$0.28 per share. This is equivalent to an annual dividend of US$1.12 per share, up from US$0.96 in the previous year, the brewer said.

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The quarterly dividend is payable from  15 June to shareholders of record as of 28 May.

Molson Coors Canada also declared a 17% rise for its quarterly dividend on Class A and Class B exchangeable shares, to approximately CDN$0.28. The dividend is the Canadian equivalent of the dividend declared on the Molson Coors Brewing Co stock.

“Given our strong free cash flow, we are pleased to be in a position to increase our cash returns to shareholders while continuing to invest in the business,” said Peter Swinburn, president and CEO of Molson Coors.

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