Mexichem to pay dividend of 0.48 peso per share

MEXICO CITY Fri Nov 23, 2012 7:03pm EST

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MEXICO CITY Nov 23 (Reuters) - Shareholders of Mexican plastic pipe maker Mexichem approved a dividend of 0.48 peso per share, the company announced on Friday.

The decision was made during a shareholder meeting on Thursday, but the timing of the payout, which will be realized in four installments, has yet to be determined.

Shares of Mexichem dropped 1.83 percent to close at 62.06 pesos, a day after the company said it was abandoning plans for a joint venture with national oil company Pemex due to continued delays by the state-run giant.

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