Yum! Brands, Inc on Monday said its board of directors had approved the planned separation of its China business, now owned by Yum China, from Yum! Brands, which is expected to occur after the close of business on Oct 31, 2016.

Yum China expects to begin trading as an independent company beginning Nov 1 on the New York Stock Exchange under the ticker symbol "YUMC." Yum!

Louisville-Kentucky based Yum! Brands also announced an 11 percent increase in the company's dividend.

"This is an exciting time for Yum China as we approach our launch as a new, independent public company," said Micky Pant, CEO of Yum China. "Yum China has a leading position in the Chinese market, and we see tremendous opportunities to leverage our well-recognized brands and decades of experience to drive growth. We are all energized to achieve Yum China's full potential and create sustained value for shareholders."