Synergy declares cash dividend

Synergy Grid and Development Philippines Inc. has set a cash dividend of 20 centavos per share at a total of P1.05 billion for payout on Jan. 10, 2022.

This comes on the heels of a follow-on offering done earlier this month that enabled the National Grid Corp. of the Philippines (NGCP), which operates the country’s power transmission backbone, to comply with the regulatory requirement for its own public listing or any company that owns at least 30 percent of NGCP’s outstanding capital stock.

“We are thankful to the investing public for their support since our follow-on offering,” SGP chair Henry Sy Jr. said in a statement.

“We are happy to announce this dividend payout after our follow-on offering [and] we look forward to a long fruitful partnership with our stockholders,” Sy said.

SGP is the indirect controlling shareholder of NGCP, which has announced a commitment to invest about P440 billion over the next 13 years.

The investments will be across 211 projects that are aimed at supporting the growing electricity demand in the country and to make the country’s power backbone continuously reliable.

“This dividend payout is proof of SGP’s fulfillment of its commitment with its partner investors,” said Robert Coyiuto Jr., vice chair of SGP. INQ