ATN Holdings Inc. will be issuing 450-million equities as stock dividends payable in shares of the unissued stock of the company.
In a regulatory filing on Thursday, the firm said its board of directors approved such declaration for implementation on a yet-to-be-announced record and payment dates.
Also green lighted was the resolution on the company’s dividend policy, stating that “shareholders of the corporation are entitled to receive dividends based on the recommendation of the board of directors.”
“Such recommendation will take into consideration factors, such as operating expenses, implementation of business plans and working capital among other factors,” it said.
Incorporated on February 17, 1961, ATN is engaged in real estate, land development and health-care services. Its investment in real property includes several units of office condominium at Summit One Tower in Mandaluyong City.
ATN’s subsidiaries are Palladian Land Development Inc., engaged in real-estate development; Advanced Home Concept Development Corp., engaged in residential properties development; and Managed Care Philippines Inc., engaged in health-care services.
For the first six months of 2014, the group’s revenues declined to P8.006 million from P8.404 million in the same period last year. During the comparable periods, the company’s real-estate business grew from P3.95 million to P4.35 million, while the health-care portfolio declined from P4.14 million to P3.65 million.