Synergy Grid and Development Philippines Inc. (SGP), the indirect controlling shareholder of the National Grid Corporation of the Philippines (NGCP), has declared a quarterly cash dividend of P0.26 per share totaling P1,369,125,160.
The cash dividend for the fourth quarter is the same amount declared for the previous two quarters.
In a disclosure to the stock exchange, SGP said the board approved the declaration of cash dividends from the company’s unrestricted retained earnings in view of the dividends received from NGCP, Pacifica21 Holdings Inc. and OneTaipan Holdings Inc.
The cash dividends will be payable on January 13, 2023 to stockholders of record as of December 22.
SGP conducted its follow-on offering in November last year in compliance with NGCP’s franchise undertakings.
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.
In the next 13 years, the grid operator is committed to invest approximately P440 billion across 211 projects which are aimed to support the growing electricity demand in the country and to make the country’s power backbone continuously reliable.
“We thank the investing public for its continued trust and partnership with SGP, which, in return, supports the ongoing transmission projects for the development of the country’s power grid being undertaken by NGCP. Several critical projects for the grid’s improvement are underway and will come into fruition in the coming months,” Robert G. Coyiuto Jr., Vice Chairman of SGP previously said.