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Four-for-one split made on Philip Morris stock.

Four-for-one split made on Philip Morris stock

The Board of Directors of Philip Morris Cos. Inc. approved a four-for-one split-up of the company's common stock and increased the quarterly dividend, announced Hamish Maxwell, chairman of the board and chief executive officer, Philip Morris.

To effect the split-up, three additional shares of common stock will be distributed on October 10 to stockholders of record on September 15, 1989.

The board declared a quarterly dividend on the pre-split common stock of $1.375 a share, payable October 10 to stockholders of record before the September date. This dividend will be equivalent to an annual dividend rate of $5.50 per pre-split share, representing a 22.2-percent increase from the previous rate of $4.50 per share.

Additionally, the board increased the authorized shares of common stock to 4 billion shares from 1 billion.

The split-up is the company's sixth common stock split since January 1, 1966, making one share in 1966 worth the equivalent of 192 shares in 1989, Maxwell said.
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Publication:Modern Brewery Age
Date:Sep 11, 1989
Words:169
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