Synergy Grid and Development Philippines Inc. declared a second-quarter cash dividend of P1.37 billion or P0.26 per share.
The dividend payout is P0.04 higher than the P0.22 per share dividend it distributed and paid out on April 26, 2022.
SGP disclosed that its board approved on June 21 the declaration of cash dividends from the company’s unrestricted retained earnings, given the dividends received from National Grid Corporation of the Philippines (NGCP), Pacifica21 Holdings Inc., and OneTaipan Holdings, Inc.
The cash dividends will be payable on July 22, 2022, to stockholders on record as of July 6, 2022.
“The declaration of a higher dividend per share is a result of the recent investment of SGP in preferred shares issued by the NGCP using the proceeds of the SGP follow-on offering (FOO) last November 2021,” said SGP chairman Henry Sy in a statement.
“The SEC approved the issuance of the preferred shares of NGCP early this month, which entitled SGP to direct dividends from NGCP on the preferred shares. This resulted in a higher dividend yield of 8.66 percent per annum at SGP level,” Sy said.