Business Roundup
Cash dividends from Chemrez
Chemrez Technologies Inc., a producer of biodiesel, resins and oleochemicals, is paying P158.6 million in cash dividends to shareholders by August 13 this year.
In the company’s annual stockholders’ meeting on Monday, the Chemrez board declared a regular cash dividend of 6 centavos per share and a special cash dividend of another 6 centavos apiece. The total is equivalent to 51 percent of the firm’s net income of P311 million in 2011.
In a statement, Chemrez said it had been consistently paying cash dividends since 2001, as it remained committed to consistently provide its shareholders with a decent return on their investments.
Last year, Chemrez registered P5.1 billion in sales revenue. Exports sales grew to P1 billion last year from P991 million in 2010.—Amy R. Remo
Acesite OK’s stock dividends
Acesite (Philippines) Hotel Corp. has declared a 250-percent stock dividend for stockholders of record as of June 25, 2012.
In a meeting on June 11, the board of Acesite approved the distribution of 246,248,270 shares with par value of P1 or a total of P246.248 million to cover dividends declared.
“This is one way of giving back to them (stockholders) what they deserve because of their faith in and continuing support for the company and its business plan,” the board said in a statement.
Worth noting also are some milestones achieved by the management, including the resolution of the legal issues affecting the ownership of the land where the hotel is located and the significant reduction in the company’s loans.
The company is considering acquiring another casino-hotel along the Roxas Boulevard area, to add to its growing chain of casino-hotels that includes Waterfront Cebu and Waterfront Mactan.
