First Philippine Holdings (FPH) led by bilyonaryo Federico “Piki” Rufino Lopez has opted to retain its huge cash hoard for future investments instead of giving these out as dividends to shareholders.

The FPH board agreed to extend the validity of the appropriation of its P28.7 billion retained earnings for another three years from 2021 to 2024.

The money has been budgeted for investment in subsidiaries and Benpres redevelopment (P18.5 billion), debt service (P6 billion) and buyback of shares P4.2 billion.

Retained earnings are what remains of the company’s profit after paying dividends to shareholders that it could use to either buy new assets or increase dividend payments.

FPH had earmarked P8 billion over five years to build the Lopez group’s new headquarters on the old Benpres building site in Ortigas.

The post Lopezes to hold First Holdings’ P28.7B cash hoard for another 3 years first appeared on Bilyonaryo Business News.



Lopezes to hold First Holdings’ P28.7B cash hoard for another 3 years
Source: Filipino Daily Inquirer