Chemrez declares dividends, entry into share buy-back program
08/23/2007 | 11:45 AM
Biodiesel manufacturer Chemrez Technologies Inc. on Thursday said that it has received board approval to declare cash dividends, and initiate a P500 million share buy-back program.
In a statement, Chemrez chief finance officer Francis A. Caluag said the firm has declared a regular cash dividend of P0.02 per share and a special cash dividend of P0.04 per share.
The cash dividend, a total of P0.06 per share, amounts to P83.87 million or roughly 89 percent of the company’s 2006 net income of P94.36 million. All stockholders of record of ChemrezTech as of September 6, 2007 are entitled to the cash dividends which will be payable on October 1, 2007.
“This is the company’s way of sharing the benefits of its much improved financial performance with its shareholders. While we do not have a set dividend policy, ChemrezTech will endeavor to pay dividends whenever it is making money," Caluag said.
Chemrez is also going into a share buy-back program involving up to a maximum of P500 million worth of shares, representing approximately nine percent of the firm's current market capitalization.
The program will be executed in the open market through the facilities of the Philippine Stock Exchange, Inc.
Caluag said that the company’s management feels the current market price of the company’s shares do not reflect their fair value and that “the share price has been unduly affected by the downturn in the local and regional stock markets." - GMANews.TV
In a statement, Chemrez chief finance officer Francis A. Caluag said the firm has declared a regular cash dividend of P0.02 per share and a special cash dividend of P0.04 per share.
The cash dividend, a total of P0.06 per share, amounts to P83.87 million or roughly 89 percent of the company’s 2006 net income of P94.36 million. All stockholders of record of ChemrezTech as of September 6, 2007 are entitled to the cash dividends which will be payable on October 1, 2007.
“This is the company’s way of sharing the benefits of its much improved financial performance with its shareholders. While we do not have a set dividend policy, ChemrezTech will endeavor to pay dividends whenever it is making money," Caluag said.
Chemrez is also going into a share buy-back program involving up to a maximum of P500 million worth of shares, representing approximately nine percent of the firm's current market capitalization.
The program will be executed in the open market through the facilities of the Philippine Stock Exchange, Inc.
Caluag said that the company’s management feels the current market price of the company’s shares do not reflect their fair value and that “the share price has been unduly affected by the downturn in the local and regional stock markets." - GMANews.TV
