SEC approves AbaCore dividend issuance

The Securities and Exchange Commission (SEC) has given the green light for AbaCore Capital Holdings Inc. to finally issue stock and property dividends to its shareholders after four years.

AbaCore said in a statement on Thursday that the stock dividend will be paid out on Dec. 12 to stockholders of record as of Oct. 30, 2020.

This was initially announced in 2020 as part of the company’s 10-percent dividend policy.

READ: AbaCore partners with Chinese developer to build P1.5-B resort in Batangas

Due to COVID

For each AbaCore share held by a shareholder, they will receive 0.0009 of a share in Philippine Regional Investment Development Corp., the company’s wholly owned subsidiary, as well as a one-centavo cash dividend.

“These dividends reflect our commitment to ensure our shareholders enjoy the returns on their investment, with our shareholders directly benefiting from [AbaCore’s] financial performance,” AbaCore vice chair Antonio Victoriano Gregorio III said in a statement.

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

AbaCore, which has interests in energy, real estate and financial services, saw its earnings plunge by 88 percent to P45.61 million in the first nine months of 2024 due to higher operational expenses related to employee benefits.

Taxes and licenses likewise surged by 85 percent due to an increase in local taxes imposed on real property, AbaCore said in its financial report. —Meg J. Adonis