Synergy Grid and Development Philippines Inc. declared on Wednesday a first-quarter cash dividend amounting to P914.68 million at P0.1737 per share.
SGP said in a disclosure to the Philippine Stock Exchange its board approved the declaration of cash dividends for the first quarter from the company’s unrestricted retained earnings in view of the dividends received from National Grid Corp. of the Philippines, Pacifica21 Holdings Inc. and OneTaipan Holdings, Inc.
The cash dividends will be payable on April 13, 2023, to stockholders of record as of March 23, 2023.
This is lower than the fourth-quarter cash dividend previously declared amounting to P1.37 billion at P0.26 per share.
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 about 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.