P418.6-M AbaCore dividends cleared for distribution

MANILA, Philippines – Finally, after three years, AbaCore Capital Holdings Inc. will be able to distribute its previously declared property and cash dividends to eligible shareholders, following regulatory approval.

AbaCore said in a statement on Tuesday the Securities and Exchange Commission (SEC) had given the green light for the distribution of property dividends totaling P376.74 million and cash dividends of P41.86 million or a total of P418.6 million.

READ: SEC approves AbaCore dividend issuance

According to AbaCore, the property dividend represented 3.77 million common shares of its subsidiary, Philippine Regional Investment Development Corp. (PRIDE), with a par value of P100 per share.

These will be distributed to shareholders of record as of June 28, 2022.

“This development reflects AbaCore’s steadfast commitment to fulfilling our obligations to shareholders and delivering tangible value from our investments,” AbaCore chair and president Antonio Victoriano Gregorio III said.

In 2020, AbaCore announced plans to amend its cash dividend policy and convert it to an equivalent stock dividend to reserve funds due to the impact of the COVID-19 pandemic.

During the stock declaration on June 3, 2022, AbaCore said PRIDE had a book value of P360.98 per share. This has increased to P405.17, AbaCore added, signaling strong growth for PRIDE. INQ