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Enbridge Inc. ENB-T is raising its quarterly dividend to shareholders.

The pipeline company says it will now pay a quarterly dividend of 88.75 cents per share, up from 86 cents per share.

Based on Enbridge’s closing share price of $55.52 on Tuesday, the shares will have a dividend yield of about 6.4 per cent.

The increased payment to shareholders came as Enbridge reaffirmed its full-year guidance for adjusted earnings before interest, income taxes and depreciation in the top half of its range of $15.0 billion to $15.6 billion for 2022.

Distributable cash flow per share is expected to be just above the midpoint of its range of $5.20 to $5.50 for this year.

For 2023, Enbridge offered guidance for EBITDA between $15.9 billion and $16.5 billion and distributable cash flow per share of $5.25 to $5.65.

Enbridge also said Wednesday that Pamela Carter will become chair of the company’s board effective Jan. 1, replacing current board chair Greg Ebel, who is becoming Enbridge’s president and chief executive at the start of next year.

Carter has served as a director of the Enbridge board since 2017 and with a predecessor company since 2007.