Benguet Corp., a listed miner in the Philippines, has declared its first cash dividend in 35 years, signifying a significant milestone for the company. Additionally, Benguet Corp. has achieved financial freedom by becoming fully debt-free.
Listed miner Benguet Corp. (BC) declared a cash dividend on its common stock at P0.20 apiece and P0.28 per share for its convertible preferred stock, its first dividend payout in 35 years.The company also declared it was debt-free.In a disclosure on Monday, Benguet Corp. said the dividends were paid starting Dec. 10 to shareholders on record as of Nov. 14.
To become debt-free, the mining firm said that it signed a mutual rescission agreement with its restructured loans upon the approval of its company's board of directors.Benguet Corp. said that the deal was structured with its remaining creditors, Wilshire Business Consulting Corp. and Armstrong Capital Holdings Corp., which opted for direct settlement and leveraging for investment of their respective debts. 'The termination of the 1993 debt restructuring agreement and mortgage trust indenture is the culmination of management's long and hard struggle to free the company from its outstanding debt liabilities that have for more than 30 years subjected it to hardship and constraint of operation,' Benguet Corp. President Lina Fernandez said.In October, the remaining creditors opted to transact directly with Benguet Corp., including leveraging the debts for investment purposes, closing the chapter on its loan obligation and releasing from mortgage its real estate assets after 30 years. 'This year's positive development on the debt issue has finally relieved the company from the negative restrictions of the restructured loans that have limited its ability to grow in the past and to deliver on its promise to bring value to shareholders,' the mining firm said. 'Now with improved creditworthiness and clean balance sheet, BC (Benguet Corp.) can resume capital market activities and engage investors in undertaking new projects and expansion of existing operations that will create new revenue streams for the company and will hopefully lead to future dividend payouts,' it continued. Benguet Corp. reported a net income of P25
DIVIDENDS DEBT-FREE MINING Benguet Corp. PHILIPPINES
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