Published May 12, 2021, 5:00 PM
Listed firm Pilipinas Shell Petroleum Corporation is planning to pursue equity restructuring so it can reverse its negative retained earnings last year, which in turn will allow it to accelerate its targeted cash dividend payment to its shareholders.
“We are working very quickly to rebuild our retained earnings through strong earnings delivery quarter-on-quarter, as well as a possible equity restructuring subject to the approval of SEC (Securities and Exchange Commission),” Pilipinas Shell Chief Finance Officer Reynaldo P. Abilo has stated during the company’s annual stockholders’ meeting on Tuesday (May 11).
He explained that with equity restructuring, the oil firm would be able to “reduce our retained earnings deficit faster and enable us to declare dividends from our current and future net income and cash generation.”