Debt-free Benguet Corp eyes new, expansion projects

Romualdez-led Benguet Corp. is now keen on engaging possible investors to explore new and expansion projects to diversify revenue sources after becoming debt free.

- By JASPER EMMANUEL ARCALAS

In a regulatory filing, Benguet Corp. declared a cash dividend on its common stock of P0.20 per share and P0.28 for convertible preferred stock for the first time in more than three decades.

The declaration of cash dividends came after the mining firm became debt free following the resolution of all of its outstanding debts after 35 years.

"The termination of the 1993 debt restructuring agreement and mortgage trust indenture is the culmination of management's long and hard struggle to free the company from its outstanding debt liabilities that have for more than 30 years subjected it to hardship and constraint of operation," Benguet Corp. president Lina Fernandez said.