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NEW YORK - Macquarie Infrastructure Co., the U.S. unit of Australia's Macquarie Group, said Thursday that it is dropping its quarterly dividend to 20 cents in order to conserve cash.
| MIC | 5.74 |  0.19 |
The company said the move will save $20 million that it will devote to cash reserves because of the ongoing global financial crisis. In August, the company announced a dividend of 64.5 cents for the second quarter.
"With liquidity at a premium and additional credit potentially difficult to obtain, it makes sense that (Macquarie) have a higher than normal level of reserves on hand," said company CEO Peter Stokes.
Shares of Macquarie Infrastructure plunged $3.35, or 28.1 percent, to $8.58 in afternoon trading. The stock earlier hit a new year low of $8.19. It has ranged from $8.53 to $41.33 over the past year.
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