SM Prime declares P5.34B cash dividends

Sy-led property developer SM Prime Holdings Inc. said Tuesday it has declared a total of P5.34 billion in cash dividends payable to its stockholders, as it expressed optimism on business recovery despite COVID-19 impact.

In a disclosure to the Philippine Stock Exchange, SM Prime said its board of directors has approved the declaration of cash dividends of P0.185 per share, for total value of P5.34 billion to its stockholders of record, as of June 30, 2020.

The dividends are payable on or before July 14, 2020.

“This is both an extraordinary and challenging time for each of us,” SM Prime president Jeffrey Lim said. 

“The Company is taking all the necessary steps to ensure the well-being of our employees and society. While we maintain a strong balance sheet, the company has decided to prioritize financial flexibility to prepare for what has yet to come. Management sees it best to conserve our resources as we strive to strike a balance between protecting the interest of our stakeholders and maintaining a sustainable growth trajectory for the company over the long-term,” Lim added.

Despite the overwhelming impact of COVID-19, SM Prime said it remains optimistic about an eventual recovery in consumer spending, “owing to the resilience of the Filipino people.”

Meanwhile, the company’s financial position will allow it to carry on with its planned expansions in the second half of 2020 moving forward.

SM Prime said its P80 billion planned capital expenditures for 2020 remains intact for the year as it focuses on nearly completed projects seen to bring about sustainable returns.

The company also said it will continue to explore opportunistic acquisitions and/or investments that are well within its core competencies.

To date, SM Prime, through SM Foundation, has supported various government and non-government organizations to contain the spread of the virus including medical tools and equipment to hospitals and front-liners nationwide, and food aid to communities hardly hit by the enhanced community quarantine (ECQ).

SM Prime said it provided cash assistance as well to service-provider personnel and a full two-month compensation to all of its employees despite the stoppage of its mall operation and waiving of rent to all of its mall tenants nationwide.

The company said it also provided services and access to its properties during this time of crisis including building emergency quarantine facilities and converting Mall of Asia Arena into a Mega Swabbing Facility.—AOL, GMA News