Aboitiz Equity Ventures, Aboitiz Power to declare cash dividends

MANILA, Philippines - Two companies controlled by the Aboitiz family will pay out cash dividends to shareholders, a decision approved by their respective board members held last February 11. Aboitiz Equity Ventures (AEV), the group’s holding and management company, will pay a P0.27 cash dividend per share or a total amount of P1.505 billion to its shareholders, the company said in an emailed statement. The company’s subsidiaries include the Aboitiz Power Corp., Davao Light and Power Co. Inc., Aboitiz Transport System Corporation, and Pilmico Foods Corp., among others. Meanwhile, Aboitiz Power Corporation (AP) will pay P0.20 per share with total payout amounting to P1.472 billion. APC is the Aboitiz group’s power generation unit, holding significant stakes in Philippine Hydropower Corporation, Hedcor, Inc., Luzon Hydro Corporation, SN Aboitiz Power-Magat Inc., SN Aboitiz Hydro Inc., Hedcor Sibulan, Inc., Hedcor Tamugan, Inc., East Asia Utilities Corporation, among others. The company also has interests in distribution utilities such as Visayan Electric Company, Inc. and Davao Light & Power Company, Inc., among others. Dividends will be paid on March 23, 2009 to all stockholders on record as of February 26, 2009, a statement said. The AEV and AP Boards also set April 8, 2009 as the record date for stockholders entitled to vote at this year's annual stockholders' meeting (ASM) of the two companies. Both meetings are scheduled on May 18 at the Cebu City Marriott Hotel. The joint stockholders' briefing will be held on May 20, 2009 at the Mandarin Oriental Hotel in Makati City. Shares of AEV rose P0.20 to P6.40 during Tuesday’s trading at the Philippine Stock Exchange. Shares of APC also increased P0.05 to P4.55. - GMANews.TV