DETROIT (AP) — General Motors will reinstate quarterly dividend payments that were suspended during the pandemic that shut down its factories.
The automaker said Friday that the dividend of 9 cents per share will be paid on Sept. 15 to shareholders of record on Aug. 31.
READ MORE: Detroit’s Historic Marlborough Apartments To Reopen For First Time In 40 Years
GM canceled its quarterly dividend in April 2020 as COVID-19 spread unchecked in the U.S. and manufacturing in the U.S. screeched to a near halt.
The last time the Detroit automaker suspended dividend payments was in 2008 during the nation’s worst economic downturn since the Great Depression. Those payments resumed six years later, in 2014.
READ MORE: Michigan Company To Help Produce Monkeypox Vaccine For Federal Government
GM also announced that its going to start buying back shares again. The company board boosted its existing stock buyback program’s capacity to $5 billion, from $3.3 billion earlier this week.
Shares of General Motors Co. are up 7% this month.
MORE NEWS: Judge Grants Preliminary Injunction Blocking Michigan’s 1931 Abortion Ban
© 2022 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
Denial of responsibility! Bulletin Reporter is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] bulletinreporter.com . The content will be deleted within 24 hours.
