Synergy Grid and Development Philippines, Inc. (SGP) declared first-quarter cash dividends of P0.3474 per share totaling P1.829 billion.
SGP said in a disclosure to the stock exchange Monday the cash dividends would be payable on May 10, 2024 to stockholders of record as of April 26, 2024.
SGP declared 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.
NGCP is SGP’s sole operating asset. It holds the sole and exclusive concession and franchise for the operation of the country’s transmission network, linking power generators and distribution utilities to deliver electricity to power distributors and cooperatives nationwide.
NGCP holds a 25-year concession and a 50-year Congressional franchise to expand and operate the country’s power transmission grid.
SGP conducted its follow-on offering in November 2021 in compliance with NGCP’s franchise undertakings.