NEW YORK (TheStreet) -- Satellite navigation company Garmin (GRMN) - Get Report says its board of directors has approved the payment of a 2010 annual cash dividend in the amount of $1.50 per share, a one-time increase from 75 cents per share.

Garmin

GPS device pictured above

says the move is reflective of the Garmin's strong cash position and expected ongoing cash generation in 2010

"We remain confident in our long-term ability to grow our business and remain committed to research and development to fuel growth and innovation in the coming years, but given our strong 2009 results and cash position, we can also provide this one-time increase in our annual dividend," Min Kao, Garmin's chairman and CEO said.

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Garmin also says that its board of directors has unanimously approved moving the place of incorporation of the company from the Cayman Islands to Switzerland. Garmin's shareholders will be asked to vote in favor of the proposed change in place of incorporation at a shareholders meeting expected to be held on May 20, 2010. The redomestication will also be subject to the approval of the Grand Court of the Cayman Islands.

Garmin says that if the redomestication is approved by Garmin shareholders and the Grand Court of the Cayman Islands, it is expected that a new Swiss company, also called Garmin, would replace the existing Cayman Islands company as the ultimate public holding company of Garmin, and each shareholder will receive one share of the Swiss company for each share held of the Cayman Islands company.

-- Reported by Andrea Tse in New York

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