PhilWeb okays 10¢ cash dividend

MANILA, Philippines - Regional gaming solutions provider PhilWeb Corp. has approved the declaration of a 10-centavo cash dividend per share for a total of P126.15 million.

In a disclosure to the stock exchange, PhilWeb said the cash dividends are payable on March 16 to shareholders of record as of March 1.

In addition to the cash dividend, the company’s board likewise declared a 20-percent stock dividend, payable on May 30 to shareholders of record as of May 4.

The stock dividend declaration is still subject to the approval of the company’s shareholders. The total stock dividend will be 252 million shares, which will be taken from the existing unissued shares of the company.

PhilWeb posted a a record net income of P914 million last year, up 45 percent from the 2010 level, on the back of robust growth in its core e-Games café business as well as new ventures in Asia Pacific.

This marked the sixth consecutive year of income growth for the company and just shy of hitting the billion-peso mark in earnings.