Listed firm Synergy Grid and Development Philippines Inc. (SGP) has declared dividend payout of more than P1.053 billion to its investor-shareholders to be settled early next year.
In a statement, the company specified that the total payout will be P1,053,173,200 or an equivalent of P0.20 per share to be paid on Jan. 10, 2022. Eligible stockholders are those of record date Dec. 14, 2021.
Synergy Grid Chairman Henry T. Sy Jr. expressed his gratitude to the investing public “for their support since our follow-on offering,” the single biggest development for the company to subsequently announce its dividend payout.
The SGP chairman conveyed that from the successful FOO of the company, “we look forward to a long fruitful partnership with our stockholders.”
Robert G. Coyiuto Jr., vice chairman of Synergy Grid, similarly noted “this dividend payout is proof of SGP’s fulfillment of its commitment with its partner-investors.”
“They can be assured that their investment in SGP will contribute to the development of the nation’s sole transmission network and will be used fully by National Grid Corporation of the Philippines (NGCP) to finance its capital expenditure requirements,” he said.
Synergy Grid serves as the parent company of NGCP, because the former has indirect controlling stake in the transmission firm that has 25-year concession deal with the Philippine government and a 50-year Congressional franchise to operate, expand and manage the country’s power transmission assets.
In SGP’s follow-on listing at the Philippine Stock Exchange (PSE) last Nov. 10, the company laid down the P440 billion worth of NGCP projects, to which the FOO proceeds will be funneled into.
According to the transmission firm, the scheduled capital spending will cover at least 211 projects to be implemented and completed within 13 years.
These NGCP projects advancing at this point include the P52-billion Mindanao-Visayas Interconnection Project (MVIP) that is targeted for completion next year, as well as the various transmission line ventures to accommodate load growth to underpin the country’s electricity demand escalation as it recovers from the pandemic.
The link-up of the Mindanao and Visayas grids has been a long-time dream for the country. It is within NGCP’s operation and management stint that this landmark project is expected to be finally concretized.
The transmission company will also be the electricity system’s major ally in enhancing the capacity and capability of the power grids so they can reliably withstand the targeted massive-scale integration of renewables in line with the country’s ‘energy transition’ agenda.