HOLDING company House of Investments Inc. (HI) is buying back preferred shares amounting to P8.4 million.
In a regulatory filing on Monday, the listed firm disclosed that it is redeeming 2.5 percent of its 838,517,653 shares of preferred stock, representing 20,962,941 preferred shares at P0.40 apiece.
The record and payment dates will be on August 14 and September 11, accordingly.
Apart from redemption of shares, HI also declared cash dividends at an aggregate amount of P57.88 million.
An amount of P3.31 million of which will be entitled to the preferred stockholders covering the second quarter of fiscal year 2015 from April to June.
Due for distribution on September 7, the equivalent dividend per share is P0.003274.
Meanwhile, cash incentives of P54.56 million will be issued to the owners of 615,896,757 common shares and 838,517,653 preferred shares, which is equivalent to 223,604,707 common shares as of May 30.
Each common and preferred stock, priced at P0.065 and P0.01733, respectively, is payable on September 9.
The record date for such cash dividends is August 14.
The Yuchengco Group reported a combined net income after tax of P444.2 million for the quarter ended March 30, 2015, as against the recorded P343.78 million during the same period last year.
Net income attributable to the parent company is P301.84 million.
Overall consolidated revenues hit P7.02 billion from P4.62 billion, up 52 percent year-on-year on the back of significant increase in construction segment.
HI is a member of the Yuchengco Group of Companies that has varied interests in seven sectors, such as car dealership; construction; education and information technology; afterlife services; leasing and consumer finance; property management, project management; security; and pharmaceuticals.
Its wholly owned subsidiaries include Landev Corp., Xamdu Motors Inc., Investment Managers Inc.; Zambowood Realty and Development Corp., and Zamboanga Carriers Inc.
Other subsidiaries are iPeople Inc., Honda Cars Kalookan Inc., EEI Corp. and Zamboanga Industrial Finance Corp.