Synergy Grid declares P1.37 billion cash dividend for 4th quarter

MANILA, Philippines — Listed Synergy Grid and Development Philippines Inc. (SGP) will pay out cash dividend totaling P1.37 billion for the fourth quarter, the same amount the company declared for the previous two quarters.

SGP, in a disclosure to the Philippine Stock Exchange, said its board approved the declaration of cash dividends from the company’s unrestricted retained earnings in view of the dividends received from National Grid Corp. of the Philippines (NGCP), Pacifica21 Holdings Inc., and OneTaipan Holdings Inc.

The dividend amount at P0.26 per share is similar to the second quarter dividend previously distributed and paid out last July, and the third quarter dividend that was distributed and paid out in October.

The fourth quarter cash dividends will be payable on January 13, 2023 to stockholders of record as of December 22, 2022.

SGP conducted its follow-on offering in November last year in compliance with NGCP’s franchise undertakings.

NGCP, which holds a 25-year concession and a 50-year Congressional franchise to expand and operate the country’s power transmission grid, is SGP’s sole operating asset.

It holds the sole and exclusive concession and franchise for the operation of the Philippines’ transmission network, linking power generators and distribution utilities to deliver electricity to power distributors and cooperatives nationwide.

NGCP has committed to invest approximately P440 billion in the next 13 years across 211 projects aimed at supporting the country’s growing electricity demand and make its power backbone continuously reliable.

SGP, a holding company listed on the Philippine Stock Exchange, indirectly controls 60 percent of the outstanding common shares of NGCP, with an effective common share interest of 40.2 percent.

The company likewise owns 203.2 million non-voting preferred shares of NGCP.