Meralco declares 10% cash dividend

MANILA, Philippines - Power utility giant Manila Electric Co. (Meralco) has declared a 10-percent cash dividend to stockholders on record as of June 30, 2010, the company told the Philippine Stock Exchange (PSE) yesterday.

The dividend will also be paid to stockholders with preferred Series B shares for the second calendar quarter of 2010 on July 30, 2010.

At the same time, Meralco said it has changed the composition of its board. 

Eric Recto, president of Petron Corp., and former Meralco independent director Vicente Panlilio replaced Elpi Cuna and Elenita Go who both resigned from the board.

Recto and Panlilio are “to serve for the remaining term of the resigned directors and until their successors are elected and qualified.”

In its regular board meeting yesterday, Meralco also approved the election of Manuel Pangilinan of the PLDT Group as chairman and Ramon Ang of San Miguel Corp. as vice chairman of the executive committee.

The other members of the executive committee are Manuel Lopez, Eric Recto and retired Justice Artemio Panganiban.

On July 1, Lopez will turn over his post to Pangilinan as the company’s president and chief executive officer.

Lopez has served as Meralco’s CEO for more than two decades. He will, however, remain as Meralco chairman and non- executive director.

On the other hand, Jose de Jesus, Meralco chief operating officer, may relinquish his current post to accept a government position.

The Meralco board likewise gave the go-signal for the appointment of company officers such as Betty Siy-Yap as SVP and CFO, Ricardo Buencamino as EVP, Robert Almazora and Ramon Segismundo as SVPs.

The board also approved the appointment of Rafael Andrada as first VP and treasurer, Ruben Benosa as first VP, Helen De Guzman as first VP and comptroller and Ivanna dela Peña as first VP.

The other vice presidents are Angelita Astanacio, Ruth David, Rustico de Borja Jr., Gerardo Dela Paz, Manolo Fernando (VP and assistant treasurer), Nixon Hao, Ernesto Iglesia, Fortunato Leynes, Martin Lopez, Miguel Lopez, Leonardo Mabale, Redentor Marquez, Anthony Rosete (VP, assistant corporate secretary and information disclosure offficer), Ruben Sapitula and Lisa Rose Serrano-Diangson.