Synergy Grid & Development Philippines Inc., which indirectly holds a significant stake in National Grid Corp., said Wednesday its board approved the declaration of P0.1737 a share cash dividend for the first quarter of 2023.
The company said shareholders on record March 23 will be eligible to receive the cash dividend, which total P914.7 million. It will be paid on April 13.
Synergy Grid said the cash dividend will come from its “unrestricted retained earnings in view of the dividends received from National Grid Corporation of the Philippines, Pacifica21 Holdings, Inc. and OneTaipan Holdings Inc.”
Synergy Grid owns 67 percent of OneTaipan and Pacifica21. OneTaipan has controlling interest in Monte Oro Grid Resources Corp., which holds 30 percent plus one share in National Grid. Pacifica21, meantime, controls Calaca High Power Corp., which also owns 30 percent minus one share in National Grid. This effectively gives Synergy Grid 40.20 percent ownership of National Grid, with control of 60 percent voting rights through subsidiaries Monte Oro Grid and Calaca High Power.
