Clark corporation declares P319-M dividends
Wednesday, December 1, 2010
CLARK FREEPORT — The state-owned Clark Development Corporation (CDC) announced that its Board of Directors has approved the declaration of dividends amounting to P319.83 million.
CDC president Benigno Ricafort said the amount represents 50 percent of the unappropriated retained earnings of CDC as of December 31, 2009 of P639.66 million.
Half of the P319.83 million will be remitted directly to the Bureau of Treasury today, Thursday, while the other half will go to the Bases Conversion Development Authority, CDC’s parent company.
The declaration of dividends was made possible after the Philexim/Tidcorp approved the request of CDC to declare such dividends.
Philexim/Tidcorp is the guarantor of CDC for its US$9.97-million loan with the Deutsche Bank for the procurement of Terminal Radar for the Diosdado Macapagal International Airport that carries a negative covenant on the declaration of dividends.
CDC Chairman Rizalino Navarro will turn over the check to National Treasurer Roberto Tan. Invited to serve as witnesses are Finance Secretary Cesar Purisima, board members and executive officers of CDC.
Ricafort said the remittance is in support to the National Government’s fiscal consolidation efforts to realize revenues. (Reynaldo G. Navales)
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Source: http://www.sunstar.com.ph/pampanga/local-news/clark-corporation-declares-p319-m-dividends
