Tiger Brands shares surge 8% after it announces a R4bn final dividend

TIGER Brands' share price leapt 7.

- EDWARD WEST

95% on Wednesday after it announced it plans to pay out a special dividend of 2710 cents per share, or R4 billion, for the year ended September 30 off the back of strong financial performance.The South Africa packaged food company said the special final dividend, together with the interim special dividend of 1 216 cents per share declared in May, brought the total special dividend for the year to 3 926 cents per share or R5.8bn.

This was on top of a final ordinary dividend of 1 229 cents per share, which was 79% higher than last year's as a result of a decision to reduce dividend cover, which with the interim dividend of 415 cents per share, brought the total ordinary dividend for the year to 1 644 cents or R2.7bn.

On the JSE, Tiger's share price was trading at R363.15 Wednesday afternoon, a price that was 36.5% higher than at the same time a year before.