Jolliville raises rate for property dividends

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JOLLIVILLE Holdings Corp. (JOH) has increased the rate of its property dividends consisting of shares in two subsidiaries.

In a disclosure to the stock exchange on Monday, the company led by businessman Jolly L. Ting said its board of directors has approved a rate of 66.03% for its property dividends amounting to P185.86 million, from its previous rate of 65.85% worth P185.37 million.

The property dividends will consist of 76.5 million shares in Philippine Hydro Electric Ventures, Inc. (Phil Hydro) at P1 each, and 42.23 million shares in Tubig Pilipinas Corp. (Tubig Pilipinas) at P2.59 apiece. The company said the share values were based on the interim financial statements of both units in the period ending Sept. 30, 2018.

With this, eligible shareholders will receive 27 shares in Phil Hydro and 15 shares in Tubig Pilipinas for every 100 shares in JOH.

The company noted that fractional shares will be converted into cash and released to the shareholders at the same time the property dividends will be handed out.

The release of the property dividends could indicate that JOH is spinning off these units.

JOH recently sold its 36.728% stake Philippine H2O Ventures Corp. (H2O) to Davao-based businessman Dennis A. Uy through his property firm Udenna Development Corp. (UDEVCO).

Including JOH’s stake, UDEVCO was able to acquire 62.006% of the total outstanding shares of H2O from other shareholders valued at P320.11 million. UDEVCO also agreed to purchase 62.006% of the remaining cash assets of H2O, valued at about P320.11 million.

Mr. Uy’s group then changed H2O’s corporate name to PH Resorts Group Holdings, Inc., which will now be used for his resorts and gaming businesses.

PH Resorts currently has four projects in the pipeline, including a casino in Mactan and Clark and two hotels in Davao and Bohol. The company is spending up to $500 million for the two casinos.

JOH booked a net income attributable to the parent of P373.66 million in the first nine months of 2018, 620% higher year-on-year amid a 47% uptick in revenues to P491.78 million.

Incorporated in 1986, JOH has interests in leasing, management services, property development, land banking, local waterworks system, business process outsourcing, and power generation. It also owns several properties in Metro Manila, Calapan City, Agoo in La Union, and Puerto Galera intended for future businesses.

Shares in JOH went down 0.34% or two centavos to close at P5.88 each at the stock exchange on Monday. — Arra B. Francia