SM Prime Holdings, Inc., the country largest shopping mall developer and operator, declared a special cash dividend of Fifty Centavos (P0.50) per share or a total of P4,958,218,579, in favor of stockholders of record as of November 12, 2004, payable on or before December 1, 2004.
In April 2004, the company had also declared a P0.15 per share cash dividend, amounting to P1,487,465,574. This special cash dividend will yield SM Prime Holdings, Inc. total dividend payout in 2004 to P6,445,684,153 with payout ratio of 154% against 2003 net income.
We would like to keep our stakeholders happy by maintaining good shareholder value,? said Mr. Jose T. Sio, Senior Vice-President for Finance at SM Prime Holdings, Inc. This special cash dividend was decided upon by the Board of Directors during our regular board meeting October 13, 2004,? he added.
SM Prime Holdings, Inc. continues to be the leading shopping mall developer and operator in the country, with a total of 18 operational malls across the Philippines. Set to open in November is its newest mall, SM City Batangas, located in Batangas City, Batangas. SM City Batangas gross floor area will total 70,820 square meters.
Several existing malls are undergoing renovations and improvements, to better serve the millions of customers that patronize the SM Supermalls daily. These include construction of additional and improvement of existing taxi and jeepney bays, exterior faâžade improvements, pedestrian over- and underpasses, and additional parking spaces.
By the end of 2004, SM Prime Holdings, Inc. total gross floor area will reach 2,485,527 square meters.