VANCOUVER — Methanex Corp. is raising its dividend after slashing its quarterly payment to shareholders last year at the start of the pandemic.

The methanol producer says it will now pay a quarterly dividend of 12.5 cents US per share, up from 3.75 cents US per share.

Before the cutting its dividend last year as part of a plan to strengthen its balance sheet, the company had paid a quarterly dividend of 36 cents US per share.

It says the new rate will apply to the dividend payable on Sept. 30, to holders of shares of record on Sept. 16.

Vancouver-based Methanex is the world’s largest producer and supplier of methanol.

Shares in the company closed at C$41.17 on the Toronto Stock Exchange on Thursday.

This report by The Canadian Press was first published July 16, 2021.

Companies in this story: (TSX:MEOH)

The Canadian Press