Molson Coors (TAP) Boosts Qtr Dividend 20% to $0.24/Share, 2.3% Yield

May 15, 2009 8:39 AM EDT

Molson Coors Brewing Company (NYSE: TAP) announced today that its Board of Directors has approved a 20% increase in the quarterly dividend rate on its Class A and Class B common shares from US$0.20 per share to US$0.24 per share, payable June 15, 2009, to shareholders of record on May 29, 2009.

The ex-dividend date is May 27.

The dividend yield on Molson Coors, based on the new payout, is 2.3%

"Since the merger of Molson and Coors in 2005, we have strengthened the financial foundation of Molson Coors by building our brands, reducing costs, paying down significant amounts of our outstanding debt and increasing our free cash flow," said Peter Swinburn, president and chief executive officer of Molson Coors Brewing Company. "We are in a strong position to increase cash returns to shareholders, while preserving the financial flexibility to explore growth opportunities that meet our strict return criteria."

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