26 April, 2006

Mexico: Grupo Modelo brewer approves 1.25 peso dividend

Grupo Modelo, Mexico's largest beer maker, said on April 25 its shareholders approved a dividend payment of 1.25 pesos per share, up 19 percent from last year, Reuters informed.

The dividend will mean a payout of 4.605 billion pesos ($413 million) said Modelo, the maker of the popular Corona beer. The payment is to be made as of April 28. Last year Modelo paid a dividend of 1.05 pesos per share.

Shareholders also approved a share buyback program of up to 643 million pesos, the company said.

Modelo, half-owned by U.S.-based Anheuser-Busch Cos. Inc., saw exports increase 12.3 percent in 2005, with the United States as its main foreign market.

Shares in the company gained 2.32 percent to 41.44 pesos on Tuesday, April 25. The stock is up nearly 8 percent this year, while Mexico's leading IPC index has surged 14 percent. ($1=11.1375 pesos)

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