(27 April 2011. Pasay City, Philippines.) Philippine conglomerate SM Investments Corporation (SM) announced during its annual stockholders’ meeting that the company’s board of directors approved the declaration of a PHP 9.04 cash dividend per share worth PHP 5.5 billion. This represents 30% of SM’s full-year 2010 net income of PHP 18.4 billion. SM stockholders of record as of 27 May 2011 are entitled to the cash dividends, which will be paid on 22 June 2011.
SM president Mr. Harley T. Sy said, "SM’s cash dividend declaration comes with our sincere gratitude to all our shareholders. Their support and confidence in our company enabled us to deliver better-than-expected results in 2010. We look forward to their continued patronage in the years to come."
SM and its subsidiaries garnered in March 2011 multiple honors for corporate governance and investor relations. The honors were given by two prestigious business publications namely Corporate Governance Asia and Alpha Southeast Asia under their respective and separate awards programs. Earlier this year, SM also won for the second straight time the Platinum Corporate Award 2010 given by The Asset magazine in Hong Kong for all-around excellence in management, financial performance, corporate governance, social responsibility, environmental
responsibility, and investor relations.
Monday, May 2, 2011
Thursday, April 14, 2011
PETRON CORPORATION UNVEILS MAJOR REFINERY EXPANSION PLAN
April 6, 2011. The country’s leading oil refining and marketing company Petron Corporation recently unveiled its Refinery Expansion Project (RMP-2) to meet the fast-changing energy needs of the Philippines. The announcement was made during the commemoration of Petron Bataan Refinery’s (PBR) 50th anniversary. The project - the company’s biggest and most ambitious investment to date - is targeted for completion towards the end of 2014.
Petron Chairman and CEO Ramon S. Ang said
“The decision to undertake this massive project was borne out of the vision to make Petron Bataan Refinery among the best in Asia.”
“From a national perspective, this major investment underscores our belief in the country’s prospects and our strong commitment to significantly contribute to nation-building.”
RMP-2 will further enhance the country’s supply security, increase Petron’s capability to supply the increasing demand for white products (LPG, gasoline, and diesel) and petrochemicals.
Once completed, RMP-2 will enable Petron’s Bataan Refinery to “digest” a wider range of crude oils including from African sources, giving it greater flexibility to source cost-efficient crude types from any part of the world. Petron’s operational efficiency will also significantly improve since the project allows the full “conversion” of all remaining black streams into high-margin white products and petrochemicals. This means that the company can run its refinery 100% without incurring penalties from producing low-value fuel oil. For instance, the project will increase current propylene production by nearly 200%. The project doubles Petron’s refining complexity, enabling it to compete more effectively with refineries in the Asia-Pacific region. Another benefit from RMP-2 is the local production of fuels that meet the global clean air standard of the future - Euro 5, further improving air quality in the country.
Petron will partner with leading global technology and engineering companies focused on refining and petrochemical production namely Axens, UOP, CBI Lummus, Foster Wheeler, and Daelim.
Ang added
“The RMP-2 project supports Petron’s strategic initiatives namely our retail network expansion program, the integration of our petrochemicals business, and increasing our presence in the export market. These are aimed at ensuring its growth momentum over the long-term.”
As of end 2010, the company already has over 1,700 service stations - by far the largest in the country. The country’s fuel demand is expected to increase as the economy continues to grow.
Petron Chairman and CEO Ramon S. Ang said
“The decision to undertake this massive project was borne out of the vision to make Petron Bataan Refinery among the best in Asia.”
“From a national perspective, this major investment underscores our belief in the country’s prospects and our strong commitment to significantly contribute to nation-building.”
RMP-2 will further enhance the country’s supply security, increase Petron’s capability to supply the increasing demand for white products (LPG, gasoline, and diesel) and petrochemicals.
Once completed, RMP-2 will enable Petron’s Bataan Refinery to “digest” a wider range of crude oils including from African sources, giving it greater flexibility to source cost-efficient crude types from any part of the world. Petron’s operational efficiency will also significantly improve since the project allows the full “conversion” of all remaining black streams into high-margin white products and petrochemicals. This means that the company can run its refinery 100% without incurring penalties from producing low-value fuel oil. For instance, the project will increase current propylene production by nearly 200%. The project doubles Petron’s refining complexity, enabling it to compete more effectively with refineries in the Asia-Pacific region. Another benefit from RMP-2 is the local production of fuels that meet the global clean air standard of the future - Euro 5, further improving air quality in the country.
Petron will partner with leading global technology and engineering companies focused on refining and petrochemical production namely Axens, UOP, CBI Lummus, Foster Wheeler, and Daelim.
Ang added
“The RMP-2 project supports Petron’s strategic initiatives namely our retail network expansion program, the integration of our petrochemicals business, and increasing our presence in the export market. These are aimed at ensuring its growth momentum over the long-term.”
As of end 2010, the company already has over 1,700 service stations - by far the largest in the country. The country’s fuel demand is expected to increase as the economy continues to grow.
Wednesday, November 3, 2010
SMDC Lists Additional 1.87 Billion Shares
SM Development Corporation (SMDC) listed an additional 1.83 billion of its common shares at the Philippine Stock Exchange on Nov 3, 2010 . The shares were from the highly successful P11.7 billion stock rights offering held October 18-22, 2010. Each SMDC shareholder holding at least three common shares as of October 6, 2010 was offered and entitled to subscribe to one new share at an offer price of PHP 6.38 per share. The additional listed common shares have a par value of PHP 1.0 per share and BDO Capital and Investment Corporation acted as the sole underwriter of the offer.
SMDC’s stock rights offer was fully subscribed. Initially, the company will receive 50% of the total proceeds from the offer equivalent to PHP 5.8 billion and the other 50% on or before end of May 2011. Prior to this second rights offering, SMDC has a total of 5.5 billion common shares issued and outstanding. After the completion of the offer, the company’s common outstanding shares will top 7.3 billion.
“We are highly encouraged by the strong market reception and support of the Company’s latest stock rights offering, after the first rights offering. This second stock rights offering comes on the heels of the very successful first rights offering totalling PHP 5.0 billion held early this year, and the PHP 10.0 billion note issuance in June -- a clear manifestation of trust and confidence investors and other stakeholders have on the positive prospects of the company,” said SMDC vice chairman and chief executive officer Henry Sy, Jr.
The net proceeds will be used by SMDC for land acquisition, project development, and construction activities.
The additional resources raised through this new initiative will ensure the continuity of SMDC’s excellent product offerings in the housing and financial markets. Likewise, this capital raising activity will further strengthen the financial backbone of the Company and provide it with the needed muscle to tap bigger and promising markets in the region such as China.
The additional resources raised through this new initiative will ensure the continuity of SMDC’s excellent product offerings in the housing and financial markets. Likewise, this capital raising activity will further strengthen the financial backbone of the Company and provide it with the needed muscle to tap bigger and promising markets in the region such as China.
Mr. Jose T. Gabionza
Vice President
SM Development Corporation
E-mail: jose.gabionza@smdevelopment.com
Tel. No. 857-0100
Vice President
SM Development Corporation
E-mail: jose.gabionza@smdevelopment.com
Tel. No. 857-0100
Source
SMDC disclosure to PSE
Nov 3, 2010
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