SM Prime announces cash dividend


By: Business Mirror

The board of shopping mall operator SM Prime Holdings Inc. has declared P5.34 billion in cash dividends, equivalent to about 15 percent of the previous year’s net income, to all its shareholders.

The company has approved cash dividends of P0.185 per share, with total value of P5.34 billion to stockholders of record as of June 30, payable on or before July 14.

Despite the impact of the pandemic, SM Prime said it remains optimistic about an eventual recovery in consumer spending.

The company retained its capital expenditures of P80 billion for the year as it focuses on nearly completed projects seen to bring about sustainable returns. At the same time, SM Prime will continue to explore opportunistic acquisitions and investments that are well within its core competencies.

SM Prime said it is investing some P100 million to upgrade its e-commerce platform, which will connect brick and mortar stores to their customers, in keeping with pandemic-induced changes in consumer behavior.


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