MANILA, Philippines?Petron Corp., the country?s largest oil refiner and retailer, said Thursday its board of directors had approved the payment of cash dividend of P2.382 per share on preferred shares.
In a disclosure to the Philippine Stock Exchange, Petron said it was targeting to pay the dividends on March 7 to stockholders of record as of February 21.
Its dividend policy requires Petron to declare dividends out of the company?s unrestricted retained earnings, at least 25 percent of its unappropriated net income (after taxes) for the prior fiscal year, payable either in cash, property or shares.
The company?s board will determine, by resolution, the exact amount, date and the shareholders entitled to such dividends.
The oil firm declared dividends and paid preferred shareholders P2.383 per share on June 7 and P2.382 per share on Dec. 6, 2010.?Amy R. Remo