Fan Milk of Ghana Heads for Record on 50% Higher Dividend

Fan Milk Ltd., a maker of food and drinks in Ghana, headed for the highest on record after saying it will pay a 50 percent higher dividend for 2012 than a year earlier.

The stock gained 0.4 percent to 5.47 cedis by 2 p.m. in the capital, Accra. At close at that level would be the highest since at least April 1995, when Bloomberg began compiling the data.

Fan Milk will pay 0.06 cedi a share for the year on June 14, it said in a stock exchange statement yesterday. That compares with the 0.04 cedi dividend for 2011.

“Investors want to own shares before the ex-dividend date” of April 17, Randy Mensah, a stock trader at Ecobank Development Corp., said by phone.

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