Posted on January 13, 2012 07:25:50 PM [ BusinessWorld Online ]
CENTURY PROPERTIES Group, Inc., which debuted on the Philippine Stock Exchange (PSE) via a backdoor listing in late-2011, plans to pay out roughly 10% of its annual consolidated net income to shareholders under a recently approved cash dividend policy, a disclosure to the local bourse showed.
The company’s board of directors reportedly approved on Wednesday the creation of a cash dividend policy in which "approximately" 10% of Century Properties’ consolidated net income from the previous fiscal year, subject to pertinent regulations and the availability of unrestricted earnings, will be paid out to shareholders.
The terms may also change depending on the "availability of unrestricted earnings and the absence of any circumstances which may restrict the payment of dividends".
The board may also choose to modify the dividend payout ratio depending on factors such as the company’s operations results as well as projects and plans, Century Properties added.
Century Properties is a high-rise developer with more than 40 projects in its total portfolio as of last year, having already completed a total of over 22 buildings and 720 homes.
The company completed a "reverse merger"with dormant energy firm East Asia Power Resources Corp. last November. Its equity framework was later restructured to reflect its new business.
Century Properties was deemed the country’s fastest-growing developer last year, with high-profile celebrity endorsements contributing to the company’s market share growth according to property consultancy Colliers International.
Shares of Century Properties climbed by 0.47% to P2.16 on Friday from P2.15 at its previous close. -- Franz Jonathan G. de la Fuente