Synergy declares quarterly dividend payment of P1.1B
BY LENIE LECTURA – MARCH 23, 2022
from Business Mirror
Synergy Grid and Development Philippines Inc. (SGP) will pay out P1.158 billion worth of dividends to its shareholders.
The company said Wednesday that its board approved the first quarterly cash dividend at P0.22 per share, 10 percent higher than the P0.20 per share dividend previously distributed and paid out last January 10. The cash dividends, with a total amount of P1,158,490,520.00, will be payable on April 26 to stockholders on record as of April 6.
“The distribution of dividends continues SGP’s commitment to its partner investors. Investments in SGP will contribute to the development of the nation’s sole transmission network operated and maintained by the National Grid Corporation of the Philippines (NGCP),” said SGP Chairman Henry Sy Jr.
SGP conducted a follow-on offering in November last year, with shares priced at P12.00 each. The offering was in compliance with NGCP’s franchise undertakings.
SGP indirectly controls 60 percent of the outstanding capital stock of NGCP, SGP’s sole operating asset, with an effective equity interest of 40.2 percent.
NGCP holds a 25-year concession and a 50-year Congressional franchise to expand and operate the country’s power transmission grid. NGCP is the sole and exclusive operator of the Philippines’ nationwide transmission network linking power generators and distribution utilities to deliver electricity to end-users across Luzon, Visayas, and Mindanao.
In the next 13 years, NGCP is committed to invest approximately P440 billion across 211 projects to support the growing electricity demand in the country and to make the country’s power backbone continuously reliable.
“NGCP has made substantial achievements in terms of improving the country’s power transmission grid. Last year, NGCP successfully completed several components of the Mindanao-Visayas Interconnection Project, particularly the submarine cable and cable terminal stations completed last November 2021, and the Lala-Aurora 138kV transmission line energized on February 19, 2022. NGCP also recently completed restoration works on Typhoon Odette-affected transmission lines in Visayas, among other accomplishments,” said Robert Coyiuto Jr., vice-chairman of SGP.
NGCP successfully energized all 69kV affected lines in the province of Bohol. Earlier, NGCP, last December, restored power transmission services to the affected provinces of Northern Samar, Samar, and Biliran; Eastern Samar; Leyte; Negros Occidental; Negros Oriental; Agusan del Norte and Agusan del Sur; and Surigao del Norte and Surigao del Sur.
Power transmission services were also restored in Southern Leyte in January this year. The permanent restoration of the toppled special towers in Bohol is set to be completed this April.
