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Shang Properties declares cash dividend

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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