CEU declares dividends

Listed academic institution Centro Escolar University (CEU), a recent acquisition of a group led by newspaper magnate Emilio Yap, will be giving out nearly P150 million in dividends to its stockholders next month, the school informed the Philippine Stock Exchange.

In a letter to the PSE, CEU said its board of directors approved last week the grant of about P112.3 million worth of property dividend and another P37.2 million in cash dividend.

Out of CEU’s total outstanding stock of 372.4 million, about 7.5 percent or over 26.1 million are in the form of treasury shares. These treasury shares will then be declared as property dividend to the stockholders at the ratio of 7.54 treasury shares for every 100 common shares held as of Dec. 6, 2002, to be paid on Dec. 20.

At the same time, the school will grant cash dividend equivalent to 10 centavos per share to shareholders of record date Dec. 20, 2002, to be paid on Dec. 23.

Last July, a new group of investors led by Yap took control of CEU through the cross sale of around P560 million worth of CEU shares at the PSE.

Yap, who also owns listed firms Manila Bulletin and Euro-Med Laboratories, as well as the Manila Hotel, was elected chairman of the CEU board, replacing long-time chairperson Lourdes Echauz, who was subsequently elevated to chairman emeritus.

Three CEU directors (Victoria Tamayo, Jose Ledesma and Antonio Picazo) also resigned from their respective posts to pave the way for the entry of Yap and two other noted academicians: former UP chancellor Emil Javier and former Education Secretary Bro. Andrew Gonzalez of the De La Salle University.

At present, CEU, one of two listed academic institutions (the other is Far Eastern University), has a market capital of P.6 billion, with total outstanding shares of over 372 million priced at P4.3 each. – Conrado Diaz Jr.