Shares rise on capital return
Shares in Frigoglass, the world’s largest maker of drink refrigeration equipment, jumped more than 5 percent yesterday on news it will propose a capital return of 0.90 euros per share and a higher than expected interim dividend. Frigoglass shares gained 5.17 percent to 12.62 euros, compared to a 1.71 percent drop on the Athens bourse’s benchmark general index to 3,287.93 points. The Greek company, which supplies brewers including Heineken and bottler Coca-Cola Hellenic, said it had decided to return cash to shareholders «after a comprehensive review of our capital structure requirements.» Shareholders on September 5 will also be called to decide on a 0.60 euros per share interim dividend. Proton Research said the dividend is above its estimates of a 0.39 euro per share dividend for the full year. «The cash return will improve its capital structure, while management reiterated its strategic goals for further acquisitions. We are positive on the move,» it said in a note.
