FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.
In its regular board meeting today, the Board of Directors of First Philippine Holdings Corporation (First Holdings) approved the cash dividend payment for its P4.3 billion Series “B” Perpetual Preferred Shares to stockholders of record as of July 24, 2009, with payment on July 31, 2009. Pursuant to the terms and conditions of the said shares, First Holdings has earmarked P187.50 million as dividend payment for this period.
This is the third payment to be made for the Series “B” Preferred shares, bringing total cash dividends thus far to P470.90 million. The said shares were listed with the Philippine Stock Exchange on April 30, 2008. The dividend rate is fixed at 8.7231% for five years, with dividends payable in arrears semi-annually. The company has the option to redeem the shares five years from issue date, or on any dividend date thereafter.
First Holdings Senior Vice President and CFO Francis Giles Puno explained, “The Company is on track with its financing activities. In spite of the challenging environment and with the eventual completion of the sale of our 20 percent stake in Meralco, we will be able to further reduce our debts and improve values for all stakeholders in First Holdings.”
To view the related SEC disclosure, please click on the file SEC17-C_09Jul2009.