General Motors to pay first quarterly dividend in almost six years
DETROIT (REUTERS) - General Motors Co (GM) will pay the first quarterly dividend on its common stock in almost six years, marking another step in the United States (US) automaker's recovery from its bankruptcy in 2009.
The No. 1 US automaker, which last paid a dividend in June 2008 before it moved to save money during the US recession, said it will pay shareholders a quarterly dividend of 30 US cents (38 Singapore cents) a share, payable on March 28 to shareholders of record on March 18. In 2008, its quarterly dividend was 25 US cents a share.
Investors have been pushing GM to return cash to them in the form of a dividend or a stock buyback, especially since the US Treasury sold the last of its stake in the company last month.
The dividend reintroduction by GM, which is showing new cars and trucks this week at the Detroit auto show, is likely to attract investors who buy stocks that generate income.