May 15, 2009 (FinancialWire) — Molson Coors Brewing Co.’s (NYSE: TAP) board has approved a 20% increase in the quarterly dividend rate on the company’s class A and class B common shares, from $0.20 per share to $0.24 per share.

The dividend is payable June 15 to shareholders of record on May 29. The quarterly dividend increase raises the company’s annual dividend rate from $0.80 per share to $0.96 per share.

Company CEO Peter Swinburn explained the move as a payoff for Molson Coors’ success at strengthening its balance sheet.

Molson Coors Brewing, which has headquarters in Denver and Montreal, brews, markets and sells a portfolio of brands such as Coors Light, Molson Canadian, Molson Dry, Carling, Coors, and Keystone Light in North America, Europe and Asia.

The company operates in Canada through Molson Canada, and in the U.S. through the MillerCoors joint venture. The company also operates in the U.K. and Ireland.

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