Synergy Grid & Grid Development Phils. Inc. shareholders are set to receive a welcome boost to their returns, as the board has approved a cash dividend of P0.1737 per share for the first quarter.
The announcement comes following the company’s board meeting on Wednesday, where the declaration of cash dividends from the company’s unrestricted retained earnings was approved.
The decision was made in view of the dividends received from National Grid Corporation of the Philippines (NGCP), Pacifica21 Holdings, Inc., and OneTaipan Holdings, Inc.
First-quarter dividends are set to reach P914.68 million, payable on April 13 to stockholders of record as of March 23.
Synergy Grid’s sole operating asset is NGCP, which holds the exclusive concession and franchise for the operation of the Philippines’ transmission network, linking power generators and distribution utilities to deliver electricity to power distributors and cooperatives nationwide.
Bilyonaryo Henry “Big Boy” Sy, Jr. and Robert G. Coyiuto, Jr. serve as chairman and vice-chairman of NGCP and SGP, respectively.
This move is a testament to the company’s commitment to delivering value to its shareholders and highlights the confidence the board has in the company’s performance.