MONTREAL -- MTY Food Group Inc. (MTY.TO) is increasing its quarterly dividend to shareholders by 10 per cent.

The company says it will pay a quarterly dividend of 16.5 cents per share on Feb. 15, up from its previous rate of 15 cents per share.

MTY says it's the seventh increase since its first dividend declared in 2010.

The new dividend rate will give MTY an annual yield of about 0.97 per cent, based on the company's share price of $67.98 on Friday.

MTY is a franchisor and operator of a broad range of restaurants.

Its banners include shopping mall food court staples such as Thai Express, Vanellis and Manchu Wok, as well as full-service restaurants such as Baton Rouge, Pizza Delight and Scores.