Metro Manila (CNN Philippines, March 24) – Synergy Grid and Development Philippines, Inc. (SGP) on Thursday announced it will distribute earnings to shareholders in the amount of ₱.22 for every stock held.
In a statement, SGP said the cash dividends – which is 10% higher than the ones paid out last Jan. 10 – will be payable on April 26 to stockholders of record as of April 2.
In November, the company conducted its follow-on offering, allowing the National Grid Corp. of the Philippines (NGCP) to comply with the regulatory requirement for it to go public.
SGP, a publicly-listed company, holds 60% of the outstanding capital stock of NGCP.
NGCP is the sole and exclusive operator of the Philippines’ nationwide transmission network linking power generators and distribution utilities to deliver electricity to end-users across the three main islands.
“The distribution of dividends continues SGP’s commitment to its partner investors. Investments in SGP will contribute to the development of the nation’s sole transmission network operated and maintained by the National Grid Corporation of the Philippines (NGCP),” said Henry Sy, Jr., chairman of SGP.
Robert Coyiuto, Jr., vice-chairman of SGP, meanwhile, boasted that the NGCP has provided “substantial achievements” in the country’s power transmission grid.
This includes the completion of several components of the Mindanao-Visayas Interconnection Project (MVIP), and Lala-Aurora 138kV transmission line.
Coyiuto also said the NGCP has completed its restoration works in Typhoon Odette-hit areas in the Visayas.
