The board of Grupo Bolívar SA approved a measure to to increase its monthly per-share dividend by 17.2% to 102 Colombian pesos from 87 pesos, the company said in a filing.

The new dividend payout would take effect April 15 and run through March of 2020.

The board also authorized an 18.5% increase in the company's extraordinary dividend, which will rise to 109 pesos per share from 92 pesos per share. The extraordinary dividend will be paid in two equal installments of 54.50 pesos share on April 15 and Oct. 15.

Shareholders will vote on the proposed dividend increases on March 19.

As of March 11, US$1 was equivalent to 3,175.80 Colombian pesos.