GM approves 2nd quarterly dividend on preferred stock

GM CEO Dan Akerson at New York Stock Exchange
GM CEO Dan Akerson at New York Stock Exchange

General Motors Company announced yesterday that its Board of Directors has approved a 2nd quarterly dividend of $0.594 per share on its Series B mandatory convertible junior preferred stock.

“The dividend is payable June 1, 2011 to Series B holders of record as of May 15, 2011,” GM said. “The dividend is cumulative. The total amount of the dividend is approximately $59.4 million.”

Earlier this year GM declared a quarterly dividend of $0.647 per share or a total amount of $64.7 million.

– By: Omar Rana