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Synergy sets P1.05 billion dividend payment

Synergy sets P1.05 billion dividend payment

MANILA, Philippines — Listed Synergy Grid and Development Philippines Inc. (SGP) is set to pay out P1.053 billion worth of dividends to its shareholders.

In a disclosure to the Philippine Stock Exchange yesterday, SGP said its board of directors approved the declaration of cash dividends for the fourth quarter from the company’s unrestricted retained earnings with record date on Dec. 14.

SGP has set a dividend payout scheme of P0.20 per share, payable on Jan. 10, 2022.

“We are thankful to the investing public for their support since our follow-on offering. We are happy to announce this dividend payout after our follow-on offering; we look forward to a long fruitful partnership with our stockholders,”SGP chairman Henry Sy Jr. said.

For his part, SGP vice chairman Robert Coyiuto said the dividend payout fulfills the company’s commitment with its partner investors.

“They can be assured that their investment in SGP will contribute to the development of the nation’s sole transmission network and will be used fully by National Grid Corp. of the Philippines (NGCP) to finance its capital expenditure requirements,” Coyiuto said.

SGP, the indirect controlling shareholder of power transmission operator NGCP, recently raised P13.85 billion from a follow-on-offering of shares.

NGCP is the sole and exclusive operator of the Philippines’ transmission network, linking power generators and distribution utilities to deliver electricity to end-users nationwide.

In the next 13 years, NGCP is committed to invest approximately P440 billion across 211 projects, which are aimed to support the growing electricity demand in the country and to make the country’s power backbone continuously reliable.