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Manila Bulletin devider Business devider AbaCore commits to pay dividends

AbaCore commits to pay dividends

Published Dec 22, 2022 04:47 pm

AbaCore Capital Holdings Inc. committed to continue paying dividends of not less than 10 percent per year to its investors, affirming the company’ strong financial performance.

In a disclosure to the Philippine Stock Exchange, the firm said the dividends for the succeeding periods will come from its unrestricted earnings as confirmed by its external auditor.

These dividends may also come from subscription receivables that will be paid to AbaCore, the company said.

This year, AbaCore has paid dividends to its shareholders consisting of a one-centavo cash dividend and 0.0009 share in Philippine Regional Investment Development Corp. (PRIDE) - a subsidiary that provides financial services.

“The Board’s decision is a testament to ABA’s commitment to provide shareholders’ the returns on investment that they deserve,” AbaCore Chairman and CEO Raul B. De Mesa.

He added that, “We believe this decision, together with the growth initiatives we are pursuing, will reinforce our shareholders’ confidence in us.”

So far in 2022, AbaCore has announced a number of growth initiatives throughout the key sectors it operates in.

Recently, PRIDE entered into an agreement with Highsource Prime Building Inc. to undertake various projects at the Monte Maria Shrine in Batangas such as a 4-star hotel, a land and water amusement park, and residential and commercial establishments.

In mining, AbaCore is one step closer to executing its agreement with Oriental Vision Mining Philippines Inc. (ORVI) as it received regulatory approval from the National Commission on Indigenous People.

Under the agreement, AbaCore will receive royalty fees should ORVI find coal and other minerals in its assets in Surigao del Sur.

Other growth initiatives AbaCore is continuing to execute include leveraging its 330-hectare land bank as a gateway to Batangas for local and foreign investors and developing ABA Energy Hub in Batangas.

“Our growth initiatives are anchored with our shareholders’ interests in mind to affirm the sentiment ABA is a company with great potential,” De Mesa said.

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