Tiger Brands Surges to 7-Year High as Special Payout Planned

Tiger Brands Ltd. surged to a seven-year high after South Africa’s biggest listed food producer lifted its interim dividend and said it would also pay a special dividend after profit climbed 34%.

The maker of Albany bread and Jungle Oats plans an interim dividend of 4.14 rand a share for the six months through March and a special payout of 1.8 billion rand ($100 million), or 12.16 a share, it said in a statement Wednesday. Tiger Brands has also bought back 1.2 billion rand of shares since late February.