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By Euan Paulo C. Añonuevo Reporter
FRESH from the sale of a
controlling stake the government held in it, the
country’s largest geothermal energy producer will reward its
shareholders with a cash dividend.
In a disclosure to the Philippine
Stock Exchange, Philippine National Oil Co.-Energy Development Corp.
(PNOC-EDC) said that its board of directors has approved a regular
cash dividend of P0.125 per common share and a special cash dividend
of P0.145 per common share.
PNOC-EDC said that those who
stand to benefit from the dividend declaration are all stockholders
of record as of March 5, 2008.
The said dividend was approved
after the declaration of the cash dividend of P0.004 per share on
PNOC-EDC’s preferred shares in favor of the same qualifying
stockholders.
PNOC-EDC said that all the
dividends will be payable on March 17, 2008.
Majority control of the company
was earlier acquired by Lopez-owned First Gen Corp., through its
wholly-owned unit Red Vulcan Holdings Corp. for P58.5 billion, late
last year in a state auction.
PNOC-EDC, which has a generating
capacity of about 1,200 megawatts, supplies more than 14 percent of
the country’s total power supply.
The company is set to increase
its foothold in the local geothermal business with the proposed
development of seven new fields across the country with an estimated
capacity of a minimum 280 megawatts up to a maximum of 310
megawatts.
The company’s shares closed
higher Wednesday at P6.4 from P6.1 in the previous day.
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