Consunji Family declares chonky dividends to spread the wealth with investors

The Consunji Family, owners of DMCI [DMC 8.84 9.14%] and Semirara Mining and Power [SCC 28.00 10.02%], declared special dividends for common shareholders of both DMC and SCC on Tuesday.

For SCC, the dividend will be P1.75/share, which is a 6.25% yield based on SCC’s closing price of P28.00/share. The ex-date is October 20, the record date is October 25, and the payout date is November 9.

This is a special dividend, so it’s over-and-above the regular dividends that SCC already declared earlier this year. The total dividend payout for this year will be P12.7 billion, which is the highest in SCC’s history.

For DMC, the dividend will be P0.48/share, which is a 5.43% yield based on DMC’s closing price of ?8.84/share.

The record date is October 26, and the payout date is November 10. The disclosure did not mention the ex-date, but I’m assuming (for now) that it is on October 21 if the pattern of “SCC +1 day” is maintained for all of the dates.

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For SCC, the story is really all about coal’s huge price spike. Over the past year, coal’s price-per-ton has gone up from around US $50 to a high of $251 set just last week, and SCC has been able to book record high selling prices for its product.

Great timing for David Consunji’s daughter, Josefa Consunji, who purchased 2.076 million shares of SCC in late September for around P18/share.

Ms. Consunji is one of SCC’s board members. Her stake, which she acquired for nearly P38 million a couple weeks ago, is now worth P58 million and entitles her to P3.6 million from the special dividends (assuming she holds on to her stake through the record date).

Not a bad way to make a P23.6 million profit (62%) in just two months. Both SCC and DMC were up around 10% in trading yesterday as a result of the news.

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