Cosco Capital Inc., the listed holding company of billionaire Lucio Co, said Thursday its board approved a cash dividend declaration worth a total P1.41 billion and a new P2 billion budget for the renewal of its shares buy back program next year.
The diversified investment holding company, whose investment portfolio includes retail, real estate, wine and liquor, and oil and minerals businesses, added that its board also approved Cosco’s acquisition of a 60 percent stake in Catuiran Hydropower Corp. at a purchase price that “is below 10 percent of the company’s total book value” that stood at P141.6 billion at the end of 2022.
Cosco also sold its rights over a mineral production sharing agreement in Isabel and Merida towns in Leyte, which covers an area of 1,763.4 hectares rich in limestone. It said the value of the sale is less than 10 percent of the company’s book value.
The cash dividend of P0.197 per share is equivalent to a pay-out ratio of 20 percent and a dividend yield of 4.38 percent. Cosco said shareholders on record 2 January 2024 are entitled to the cash dividend that will be paid on 23 January 2024.
