E-Malt.com News article: 4708

Mexico: Mexico's leading beer maker Grupo Modelo SA, half-owned by Anheuser Busch Cos. Inc., announced on April 18 its shareholders had approved a dividend payment of 1.05 pesos per share this year, up 18 % from 2004. The higher dividend will mean a payout of 3.414 billion pesos ($307 million) by Modelo, maker of the popular Corona beer, Reuters commented.

That is an increase of 18 percent in real terms, the company said. It paid 0.8523 peso per share last year.

The company also announced that Chief Executive Carlos Fernandez Gonzalez was named president of the administrative board, replacing Antonio Fernandez Rodriguez, who remains a board member. Fernandez Gonzalez, who joined Modelo in 1983, will continue to serve as chief executive, Modelo said.

Modelo, half owned by Anheuser-Busch Cos. Inc., was expected by analysts to increase its dividend this year as the debt-free company has well over $1 billion in cash on its books and has repeatedly said it will not make acquisitions that would cut its margins.


20 April, 2005