Synergy Grid declares fourth-quarter cash dividends

By Alena Mae S. Flores – December 7, 2022, 6:55 pm
from manilastandard.net

Synergy Grid and Development Philippines Inc. said Wednesday its board declared a fourth-quarter cash dividend amounting to P1.37 billion at P0.26 per share.

SGP said in a disclosure to the stock exchange its board approved the declaration of cash dividends from the company’s unrestricted retained earnings, given the dividends received from National Grid Corp. of the Philippines, Pacifica21 Holdings Inc. and OneTaipan Holdings, Inc.

The cash dividends will be payable on Jan. 13, 2023 to stockholders of record as of Dec. 22, 2022. This is the same dividend amount previously distributed and paid out in the third and second quarters.

NGCP is SGP’s sole operating asset. It holds the sole and exclusive concession and franchise for operating the Philippines’ transmission network, linking power generators and distribution utilities to deliver electricity to power distributors and cooperatives nationwide.

NGCP committed to investing P440 billion across 211 projects in the next 13 years to support the growing electricity demand in the country and make the country’s power backbone continuously reliable.

SGP conducted its follow-on offering in November 2021 in compliance with NGCP’s franchise undertakings.

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.