Posted on August 31, 2012 07:57:59 PM
[ BusinessWorld Online ]
LUXURY real estate developer Shang
Properties, Inc. will pay by end-September a four centavo-per-share cash
dividend to its shareholders, according to a disclosure to the Philippine Stock
Exchange (PSE) on Thursday.
Following a regular meeting that day,
the company’s board approved the declaration of cash dividends worth four
centavos per share, to be taken from unrestricted retained earnings as of end-June,
the disclosure read.
The cash dividend will be paid by
Sept. 30 to all company stockholders on record as of Sept. 17, Shang Properties
said.
Shang Properties is the result of the
merger of Edsa Properties Holdings, Inc. (formerly Shangri-La Properties, Inc.)
and Kuok Philippine Properties, Inc. that was approved by the Securities and
Exchange Commission in 2007, according to information posted on the company’s
PSE page.
The developer said last June that it
was looking to borrow as much as P6.4 billion from undisclosed local banks to
partially fund ongoing retail and residential projects this year. The company’s
spending plan includes roughly P12.5 billion to build the 64-storey, twin tower
One Shangri-La Place, P1.8 billion to renovate and expand Shangri-La Plaza, and
P5 billion for the 64-storey Shang Salcedo Place, situated on the old Asian
Plaza Property formerly owned by Phinma Corp., according to earlier reports.
Further, Shang Properties is also allotting P18 billion for the 60-storey
Shangri-La at the Fort, which will have 577 rooms upon completion in late-2014.
Shang Properties said it will be
scouting for potential property acquisitions in Makati City and Fort Bonifacio
area in the City of Taguig.
The company earned P634.08 million in
net income for the first half, up 37.31% from P461.78 million the previous year
on improved condominium sales and rental revenues.
Shares of Shang Properties ended
unchanged at P2.80 apiece on Friday. -- FJGDLF
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