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SPC Power declares ₱598-M cash dividend

By Myrna M. Velasco

Listed firm SPC Power Corporation had declared cash dividends to shareholders amounting to ₱0.40 per share or a total of ₱598.6 million, out of the net income it logged last year.

The company said the cash payout will be extended to shareholders as of record date May 22, 2020 and to be settled on May 29 this year.

The board of directors of the company chaired by Alfredo L. Henares also approved during its May 7 meeting the re-scheduling of its annual stockholders meeting to June 25 this year, moved from the original target of April since it was not possible to hold the event then because of the enhanced community quarantine ( E C Q ) enforced by the government.

SPC Power similarly advised that because of disrupted work schedules, there had been delay in the preparation and release of its annual reports.

The company is a joint venture (JV) partner in the 200- megawatt coal-fired power plant in Cebu, a project that it had undertaken with Korea Electric Power Corporation.

The output of that plant is fed to the Visayas grid, but the capacity is essentially shared to the Luzon grid because of the interconnected transmission system in the two power grids.

SPC is among the electricity producers that had continually powered the country throughout the two-month critical period of the ECQ, done to restrain the spread of coronavirus infections in the country.

In a separate advisory earlier, the company stated that it has been implementing “pertinent measures to ensure the health and safety of its personnel and to continue generating and distributing power to its customers.”

As noted, it provided clear instructions to its managers and employees “on how to deal with COVID-19 consistent with the guidelines of the Department of Health and other health agencies with monitoring adherence to policies.”

And in their workplace, SPC indicated that it has been en¬forcing measures and protocols “to protect employees like testing employees’ temperatures, proper hygiene, travel and social distancing guidelines, workplace sanitation and regular updates about COVID-19.”

The company further noted it reduced the regular number of days of work per week, “but with longer work hours” so employees can still render the required number of work hours on a weekly basis and for the company to duly serve its clients.


Source: Manila Bulletin (https://business.mb.com.ph/2020/05/15/spc-power-declares-%e2%82%b1598-m-cash-dividend/)

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