Cebu Air Announces Dividend Policy
Cebu City—(PHStocks)—Cebu Air Inc. (PSE: CEB) has adopted a dividend payment policy of approximately 20% of the previous year’s earnings per share.
The Board of Directors of Cebu Air Inc. has adopted a dividend policy to pay an annual dividend of approximately 20% of the previous year’s recurring earnings per share (per audited consolidated financial statements of the company). The pay-out ratio shall be reviewed every year by the Board of Directors while considering the Company’s results of operations, medium and long term growth and investment strategies, cash flow requirements, and other relevant factors. Declaration of the cash dividend is expected to coincide with the Annual Shareholders Meeting of Cebu Air.
During Cebu Air’s Annual Shareholders Meeting held last May 19, 2017, the company announced that the Board of Directors approved the declaration of a regular cash dividend in the amount of PhP1.00 per share and a special cash dividend in the amount of PhP1.75 per share, to all stockholders of record as of June 9, 2017. The dividends shall be paid on July 5, 2017.
“This dividend policy has been formulated taking into account the Company’s historical performance and financial outlook. The Board believes that this policy is in line with good corporate governance practices and is in the best interests of the shareholders. We hope that this also reflects our drive to share our Company’s success with our shareholders,” said CEB President and CEO Lance Gokongwei.
This dividend policy shall commence upon the release of the audited consolidated financial statements for the year ending December 31, 2017.