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Manila Bulletin devider Business devider Synergy Grid declares P1.6-B cash dividend

Synergy Grid declares P1.6-B cash dividend

Published Mar 23, 2022 05:21 pm

Synergy Grid and Development Philippines, Inc. has declared its first quarterly cash dividend amounting to P1.6 billion or P0.22 per share, 10 percent higher than the P0.20 per share dividend distributed and paid out last Jan. 10, 2022.

The firm said its Board of Directors approved the P.022 cash dividend declaration to all stockholders and will be payable on Apr. 26, 2022 to stockholders of record as of Apr. 6, 2022.

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“The distribution of dividends continues SGP’s commitment to its partner investors. Investments in SGP will contribute to the development of the nation’s sole transmission network operated and maintained by the National Grid Corporation of the Philippines (NGCP),” said SGP Chairman Henry Sy, Jr.

SGP’s much-awaited follow-on offering was held on Nov. 10, 2021. The offering was in compliance with NGCP’s franchise undertakings.

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 P440 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.

“NGCP has made substantial achievements in terms of improving the country’s power transmission grid,” said SGP Vice Chairman Robert Coyiuto, Jr.

He noted that, “Last year, NGCP successfully completed several components of the Mindanao- Visayas Interconnection Project (MVIP), particularly the submarine cable and cable terminal stations completed last November 2021, and the Lala-Aurora 138kV transmission line energized on 19 February 2022.”

“NGCP also recently completed restoration works on Typhoon Odette- affected transmission lines in Visayas, among other accomplishments,” Coyiuto added.

As of Jan. 10, NGCP successfully energized all 69kV affected lines in the province of Bohol. Earlier, NGCP restored power transmission services to the affected provinces of Northern Samar, Samar, and Biliran on 19 December 2021; Eastern Samar on 20 December 2021; Leyte on 25 December 2021; Negros Occidental on 24 December 2021; Negros Oriental on 30 December 2021; Agusan del Norte and Agusan del Sur on 20 December 2021; and Surigao del Norte and Surigao del Sur on 28 December 2021.

Power transmission services were also restored in Southern Leyte on 8 January 2022. The permanent restoration of the toppled special towers in Bohol is set to be completed this coming April.

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Robert Coyiuto Jr. Synergy Grid & Development Philippines Inc. Henry Sy Jr.
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