Meralco common stockholders get cash dividend

The Manila Electric Company (Meralco) said on Tuesday that its common stockholders of record as of Jan. 10, 2007 will receive a cash dividend equivalent to P1 per share on February 5. The country’s biggest power distributor noted that this is the first cash dividend declared by the company in seven years, following an improvement of its finances. “Meralco’s financial situation suffered following a P30-billion refund ordered by the Supreme Court in November 2002. The refund is ongoing up to the present," Meralco said in a statement. The Lopez-owned firm had been regularly declaring cash dividends on its common shares of stock, twice a year, at a rate of P0.50 to P1.25 per share in 1992-2000, with the last one paid on March 31, 2000. -GMANews.TV