ChemrezTech to release P119 million in cash dividends

MANILA, Philippines - Biodiesel, resins, and oleochemicals producer Chemrez Technologies Inc. will release P119 million in cash dividends, reflecting the profitability of its move in entering the biodiesel market. A cash dividend of P0.06 per share and a special cash dividend of P0.03 per share were approved by the company’s board of directors, ChemrezTech said in its disclosure. The aggregate cash dividend is equivalent to 32 percent of the company’s P372-million net income in 2008. Stockholders as of July 6, 2009 are entitled to the cash dividend payable on July 30. “This is the company’s way of sharing the profits from its operations with its shareholders. While we do not have a set dividend policy, ChemrezTech will endeavor to pay dividends whenever it is making money," ChemrezTech chief finance officer Alvin Lao said. Based on records from the Philippine Stock Exchange, ChemrezTech’s dividend payout ratio amounted to 33 percent based on the P0.275 weighted earnings per share last year. - GMANews.TV