Yum Brands said its board approved the planned spinoff of its China unit, which remains on track to close at the end of next month, as the company also raised its dividend by 11%. The Louisville, Ky., company increased the quarterly dividend to 51 cents a share, an increase of a nickel a share, The Wall Street Journal reports. Yum Brands said its board approved a distribution of one share of Yum China common stock for each share of Yum Brands held as of Oct. 19. The spinoff, set to close Oct. 31, is planned as a tax-free distribution to shareholders. Yum Brands said it has repurchased roughly $5.1 billion of its shares and plans to buy back and additional $1.1 billion of its stock before year’s end.