Drillisch AG (DRI), a German provider of telephone services, rose to the highest level in almost 12 years after saying it plans to increase its dividend for 2012.
The stock jumped as much as 5.3 percent and was up 2.6 percent at 12.17 euros at 1:30 p.m. on the Frankfurt exchange. The stock soared 57 percent last year and now has a market value of 640 million euros ($854 million).
Drillisch, based in Maintal, plans to increase its 2012 dividend to 1 euro a share from 70 euro cents a year earlier, based on the “positive business trend in 2012” and the “sound liquidity” of the company, it said in a statement today. It bought back 3.66 million shares worth 38.5 million euros as part of its already-announced buyback plan, the company said.
Drillisch is scheduled to report full-year earnings on March 1.
To contact the reporter on this story: Adam Ewing in Stockholm at firstname.lastname@example.org
To contact the editor responsible for this story: Kenneth Wong at email@example.com