Synergy Grid and Development Philippines Inc. (SGP), the indirect controlling shareholder of National Grid Corporation of the Philippines (NGCP), has declared a quarterly cash dividend of P0.26 per share totaling P1,369,125,160.
The cash dividend for the fourth quarter is the same as that declared for the previous two quarters.
In a disclosure to the stock exchange, SGP said the board has approved the declaration of cash dividends from the company’s unrestricted retained earnings in light of dividends received from NGCP, Pacifica21 Holdings Inc. and OneTaipan Holdings Inc.
Cash dividends will be paid on January 13, 2023 to shareholders of record on December 22.
SGP completed its follow-up offering last November in accordance with NGCP’s franchise commitments.
NGCP is SGP’s only business asset. It holds the sole and exclusive concession and franchise to operate the transmission grid of the Philippines, connecting power producers and utilities to deliver power to power distributors and cooperatives across the country.
The grid operator has pledged to invest approximately P440 billion over the next 13 years in 211 projects aimed at meeting the country’s growing electricity demand and making the country’s power grid permanently reliable.
“We thank the investing public for their continued trust and partnership with SGP, which in turn supports the ongoing transmission projects for the country’s power grid development being carried out by NGCP. Several important projects to improve the grid are underway and will bear fruit in the coming months,” Robert G. Coyiuto Jr., vice chairman of SGP, said earlier.