Synergy declares P914-M cash dividends for Q1

MANILA, Philippines  -Synergy Grid and Development Philippines Inc. (SGP) has declared P914.68 million in cash dividends for the first quarter of this year.

In a disclosure to the Philippine Stock Exchange on Wednesday, the company said dividends would be paid on April 13 to shareholders of record as of March 23.

This amounts to P0.1737 per share, which was approved by SGP’s board of directors.

“The board approved the declaration of cash dividends from the company’s unrestricted retained earnings in view of the dividends received from National Grid Corp. of the Philippines (NGCP), Pacifica21 Holdings Inc. and OneTaipan Holdings Inc.,” it said.

SGP indirectly controls 60 percent of outstanding common shares of NGCP, the Philippines’ sole operator of the nationwide transmission network that links power generators and distribution utilities to deliver power across the country.

NGCP has a 25-year concession and a 50-year congressional franchise to operate the country’s transmission network. It is also SGP’s sole operating asset.

OneTaipan’s Monte Oro Grid Resources Corp. and Pacifica21’s Calaca High Power Corp. own a 60-percent controlling stake in NGCP.

NGCP’s P52-billion Mindanao-Visayas Interconnection Project will connect power grids in the Visayas and Mindanao, resulting in a single national grid.

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