Semirara Mining and Power Corporation Declares Regular, Special Cash Dividends; Eligible Shareholders to Receive PHP 3.50/Share

In a special meeting held on March 22, 2024, the Board of Directors of Semirara Mining and Power Corporation (SMPC) approved a regular cash dividend of P1.50 per share and a special cash dividend of P2.00 per share, which amounts to P3.50 per share.

The dividend declaration translates to a total payout of P14.88 billion, which will be sourced from the company’s unappropriated retained earnings for the period as of December 31, 2023.

SCC shareholders on record as of April 10 are entitled to the regular and special cash dividends. Ex-dividend date will be on April 8, while payment will be made on April 19.

Based on its March 21 closing price of P34.7, SCC’s total dividend translates to a cash dividend yield of 10% percent.
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On February 26, 1980, Semirara Mining and Power Corporation—a subsidiary of DMCI Holdings, Inc.—was incorporated in the Philippines. Semirara Coal Corporation (SCC) was the original name of SMPC. The company was granted exclusive rights to explore, extract, and utilize the coal deposits located on Semirara Island in Antique Province. This privilege is still in place.

The company faced difficulties after starting business operations in 1988 due to low productivity, inefficient operations, debt restructuring, declining coal prices, and the devaluation of the Philippine peso.

A 40% stake in SCC's common shares, including PHP2.5 billion in outstanding loans, was purchased by DMCI Holdings, Inc. (DMCI HI) in April 1997. In 1998, DMCI HI consented to a debt-to-equity conversion, increasing its whole stake in SMPC to 74% in response to SCC's ongoing financial difficulties.

In August 1999, after acquiring a majority stake in SMPC, DMCI HI created a new management group that included both local and expatriate employees. It soon became Semirara Mining Corporation (SMC) after that. After successfully bidding for the 600 megawatt (MW) Calaca power plant of the National Power Corporation (NPC), SMC changed its name to Semirara Mining and Power Corporation (SMPC) in August 2014.

Semirara Mining and Power Corporation (SMPC) has effectively transformed from a coal company into the sole vertically integrated coal-fired power plant business in the Philippines in the twenty years since DMCI HI first entered SMPC.