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Manila Bulletin devider Business devider Synergy to give out P914.7-M worth of cash dividends

Synergy to give out P914.7-M worth of cash dividends

Published Mar 8, 2023 03:18 pm

Sy-led Synergy Grid & Development Phils. Inc. (SGP) has declared P914.680 million worth of cash dividends to be paid to its outstanding shareholders next month.

In a disclosure to the Philippine Stock Exchange (PSE), the company emphasized that the dividend declaration will account for the payout due to its shareholders for the first quarter period this 2023.

SGP specified that the approved dividend per share had been at P0.1737; and this will cover outstanding shareholders as of record date March 23, 2023 and settlement will be on April 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.,” Synergy noted.

Pacifica21 Holdings is led by businessman Robert Coyiuto Jr.; while OneTaipan Holdings is a company of billionaire Henry Sy, Jr. who is also the chairman of Synergy.

The main operating asset of the listed company is transmission firm NGCP; wherein Coyiuto and Sy also have significant shareholdings of 30-percent each; while the balance of 40-percent is held by foreign technical partner State Grid Corporation of China.

NGCP is the sole operator of the country’s power transmission backbone, hence, it has very critical role of ensuring that the generated capacity of power plants could be wheeled into the load network of customers – primarily the distribution utilities (DUs) that have been front-lining in extending services to the end-users.

The company is also instrumental in ensuring reserves capacity in the power system, so reliable electricity services can be guaranteed in the entire chain of the country’s electricity system.

Among the key projects being pushed by the transmission company are those on expansion and upgrading of facilities – including the completion of the long-awaited Mindanao-Visayas Interconnection Project (MVIP), that in turn will concretize the country’s long-time dream of having a single, centrally connected power grid.

In the energy transition agenda being pushed in the country, NGCP will similarly ensure the integration of the renewable energy (RE) capacities so the Renewable Portfolio Standards (RPS) mandate for the sector could be achieved.

The RPS policy requires DUs or participant-entities to secure certain percentage of their supply from RE facilities – and that will have increment of 2.52-percent starting this year, as prescribed by the Department of Energy.

Related Tags

RE NGCP Transmission Synergy MVIP dividends
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