January 13, 2011 / 11:34 PM / 7 years ago

UPDATE 1-Mullen Group OKs C$50 mln capex;aims to double dividend

* Says targets to raise annual dividend to a C$1/shr

* Board approves C$50 mln capital budget

Jan 13 (Reuters) - Canadian trucker Mullen Group Ltd (MTL.TO) said it expects to double its annual dividend to a Canadian dollar in 2011 on higher crude prices and better economic recovery, and approved a C$50 million budget for the year.

“A number of our business units, specifically those involved in the areas of infrastructure investments, production services and oil sands operations, will continue to experience higher growth rates,” its co-chief executive Stephen Lockwood said.

Shares of the Okotoks, Alberta-based company, which have risen 11 percent since the company reported third-quarter results in October, closed at C$17.28 on Thursday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Prem Udayabhanu)

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