SM Prime to pay out nearly P3B in dividends

MANILA, Philippines- Mall operator SM Prime Holdings on Friday announced that it would be paying out P2.99 billion in dividends to its stakeholders, or P0.24 per share. In a disclosure to the Philippine Stock Exchange, SM Prime said the dividend payout is in line with its policy of returning 50 percent of the previous year's earnings to its shareholders. The company, which owns more than 20 shopping malls in the country, earned P5.97 billion in 2007. No more details on the dividend pay out were available in SM Prime's disclosure. The firm said the rest of its earnings will be used to continue its planned expansion for 2008. SM Prime is scheduled to to open SM City Marikina, SM City Baliuag and SM Supercenter Rosales this year. It is also currently renovating its SM Megamall, SM City Fairview, and SM North EDSA malls. The company expects capital expenditures for 2008 to reach around P6 billion. - GMANews.TV