MANILA, Philippines - Alliance Global Group Inc. (AGI), the investment holding firm of property tycoon Andrew L. Tan, is raising its cash payout to stockholders to nearly P4 billion.
“The board of directors of AGI has declared cash dividends of P0.38 per share, or a total of P3.9 billion,†the conglomerate said in a disclosure to the Philippine Stock Exchange.
The amount is 8.33 percent higher than the P0.36 per share cash dividend declared in June last year totaling P3.7 billion.
Shareholders as of Sept. 9 will receive the cash payout on Sept. 24, AGI said.
“The cash dividends were declared out of the unrestricted retained earnings of the company as of Dec. 31, 2012,†AGI said.
AGI posted a 41-percent surge in its net earnings last year to P20.8 billion from P14.7 billion in 2011, marking the first time the conglomerate breached the P20-billion income level.
In the first half this year, the holding firm said its net income hit P11.26 billion, up 34 percent from P8.41 billion a year ago. Consolidated revenues rose 19 percent to P61.08 billion from P51.19 billion.
AGI’s units include listed property giant Megaworld Corp., liquor firm Emperador Distillers Inc., tourism estate builder Global-Estate Resorts Inc., and Golden Arches Development Corp., the master franchise holder of McDonald’s in the Philippines.
It also has a joint venture with Genting Hong Kong Ltd., the third-largest cruise line operator in the world, for Travellers International Hotel Group Inc. that develops and operates the eight-hectare Resorts World Manila complex in Pasay City.
AGI is also the company behind the $1.1-billion Resorts World Bayshore along Pagcor’s Entertainment City, slated to start commercial operations in 2016.