Chemrez declares P117-M cash dividends

MANILA, Philippines - Chemrez Technologies Inc., the country’s leading producer of biodiesel, resins and oleochemicals, has declared regular and special cash dividends to its shareholders worth a total P117.26 million.

In a disclosure to the Philippine Stock Exchange (PSE), Chemrez, a company that utilizes green technology said that its board of directors has approved a regular cash dividend of P0.06 per share as well as a special cash dividend of P0.03 per share or a total of P0.09 per share.

Shareholders of record as of July 17 will be entitled to both the regular and special cash dividends, which will be payable on Aug. 12. To date, Chemrez has an outstanding capital amounting to 1.3 billion shares.

Since 2001, the company has been consistently declaring cash dividends although it does not have a regular or fixed policy on dividends. Chemrez has been announcing a regular cash dividend of P0.06 per share plus special cash dividends of P0.03 to P0.09 per share annually since 2008.

The dividend amount is equivalent to about 45 percent of the company’s 2012 net income of P257 million.

Chemrez officials said while the company continues to face challenges in the local and export markets, it remains committed to continue rewarding its loyal shareholders with a substantial portion of its earnings.

An affiliate of D&L Industries, Chemrez advocates green technology. It is an active product innovator, producing biodiesel and other chemicals such oleochemicals. The chemicals have been proven to be more environment-friendly substitutes of petroleum-based raw materials used by various industries.