Synergy Grid & Development Phils., Inc. (PSE: SGP) declared its second quarterly cash dividend at PhP0.26 per share, PhP0.04 per share higher than the PhP 0.22 per share dividend previously distributed and paid out on 26 April 2022.
On 22 June 2022, the Board of Directors of SGP approved the dividend declaration to all stockholders in the amount of PhP0.26 per outstanding common share. The cash dividends will be payable on 22 July 2022 to stockholders on record as of 06 July 2022.
“The declaration of a higher dividend per share is a result of the recent investment of SGP in preferred shares issued by the National Grid Corporation of the Philippines (NGCP) using the proceeds of the SGP follow-on offering (FOO) last November 2021. The SEC approved the issuance of the preferred shares of NGCP early this month, which entitled SGP to direct dividends from NGCP on the preferred shares. This resulted in a higher dividend yield of 8.66% per annum at SGP level,” stated Mr. Henry T. Sy, Jr., Chairman of SGP.
“The distribution of dividends is a testament of SGP’s commitment to its partner investors. We thank the investing public for their trust and confidence in SGP which contribute to the development of the nation’s sole transmission network operated and maintained by NGCP,” said Mr. Robert G. Coyiuto, Jr., Vice Chairman of SGP.
NGCP is SGP’s sole operating asset. It holds the sole and 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. In the next 13 years, NGCP is committed to invest approximately PHP440 billion across 211 projects which are aimed to support the growing electricity demand in the country and to make the country’s power backbone continuously reliable.