McDonald BERGER PAINTS Jamaica Limited will pay its shareholders a special interim dividend of 14 cents for this year to mark its 50th anniversary. This will be paid on
July 31 to shareholders on record as at July 7.
Recently, Asian Paints of India took a controlling stake in Berger International but the existing Jamaican management structure headed by Chief Executive Officer, Warren McDonald, will continue to run the local subsidiary. Asian Paints has provided Berger Jamaica with a technician, Dr. Delan who will provide research and development services in efforts made to upgrade the company's development laboratory.
Berger began operations in Jamaica in 1953 with a staff of ten. The company is one of the leading paint manufacturers in the English-speaking Caribbean with a turnover in 2002 of $910.5 million and net profits of $88.6 million. Berger was listed on the Jamaica Stock Exchange in 1992.
"Berger believes in returning good value to our shareholders. This special dividend follows our payment of a dividend of 20.9 cents per share for 2002, announced at our May AGM, amounting to a
payout of $44.9
million," said Mr. McDonald. Speaking to Sunday Business, he added: "In September we plan to have a number of events to celebrate our 50th anniversary. This will include our long-standing dealers, our employees and the community. We have special plans regarding the Riverton Meadows Early Childhood Education project, which we have adopted."
