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Manila Bulletin devider Business devider Synergy Grid declares P1.37-B cash dividend

Synergy Grid declares P1.37-B cash dividend

Published Sep 22, 2022 03:26 pm

Listed firm Synergy Grid and Development Philippines Inc. (SGP) has declared cash dividend of P0.26 per share, or a total of P1.369 billion to its outstanding shareholders within third quarter this year.

According to the company, covered in the dividend payout will be shareholders as of record date Oct. 5, 2022 and payment on Oct. 19 this year.

“The Board approved the declaration of cash dividends from the company’s unrestricted retained earnings in view of the dividends received from National Grid Corporation of the Philippines, Pacifica21 Holdings, Inc. and OneTaipan Holdings, Inc.,” the listed firm has stipulated in its disclosure to the Philippine Stock Exchange.

Synergy Grid serves as the holding firm of private transmission company NGCP, the operator of the country’s power transmission assets. Its major shareholders are OneTaipan Holdings Inc. which is led by tycoon Henry Sy Jr.; and the Pacifica21 Holdings of businessman Robert Coyiuto Jr.

Synergy Grid noted its declared cash dividend for this year’s third quarter at P0.26 per share, had been “the same amount as the second quarter dividend previously distributed and paid out last July 26, 2022.”

SGP Chairman Henry T. Sy Jr. asserted that the investing public’s patronage on the company, in turn, “supports the ongoing transmission projects for the development of the country’s power grid being undertaken by NGCP.”

The transmission firm previously indicated that it will funnel P440 billion worth of capital spending to at least 211 projects that will expand the wheeling capacity as well as reinforce the reliability of the country’s electric transmission highway.

Coyiuto, who is the vice chairman of SGP, echoed that “several critical projects for the grid’s improvement are underway and will come into fruition in the coming months.”

One of the major projects currently being advanced by NGCP to commercial commissioning is the Mindanao-Visayas Interconnection Project (MVIP) costing over $1.0 billion. At completion, that facility will realize the long-time dream of the country to have a nationally-connected power grid across all major islands.

On top of that, the company has likewise been pursuing array of transmission lines expansion and facility upgrades as well as substation facilities’ buildup to underpin the country’s energy demand growth moving forward.

NGCP will also have a key role in the propounded massive-scale renewable installations that will usher in the country’s transition to cleaner energy technologies – because a key support to these project developments will be grid integration.

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