Business Mirror
26 Aug 2014 Written by Roderick L. Abad
SEMIRARA Mining Corp. has declared a stock dividend rate of 200 percent amounting to P712.5 million.
The company said on Tuesday its board of directors greenlighted its issuance of the shares for P1 each to all stockholders on record as of September 8.
Payable on September 24, these will be taken from an increase in authorized capital stock from P1 billion to P3 billion.
The dividend payment will be covered by the unrestricted retained earnings of the firm as of December 31, 2013.
Semirara posted P13.98 billion in consolidated revenues in the first half of 2014, 22 percent higher than P11.46 billion recorded during the same period last year.
The resulting combined net income after tax, however, went down by 26 percent year-on-year from P3.58 billion to P2.65 billion. During the period in review, it declared and paid cash dividends amounting to P4.28 billion.
A subsidiary of DMCI Holdings Inc., Semirara explores for, develops and mines coal resources primarily in the Philippines; as well as operates through the mining, power and other segments.
The mining company holds interests in different coal resources located in Semirara Island, Caluya, Antique. Apart from exporting coal, it is engaged in the power-generation business. source
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