PRIDE's book value grew 305 percent above par value
After more than three years of patient waiting, AbaCore Capital Holdings Inc. has received the regulatory blessing needed to honor a dividend commitment made to its shareholders in the summer of 2022. The Philippine Securities and Exchange Commission issued its certificate of filing on October 16, 2025, unlocking a distribution of over 418 million pesos — part cash, part shares in a wholly owned subsidiary whose value has grown substantially in the intervening years. In the broader story of capital stewardship, this moment speaks to the slow but deliberate rhythm by which institutions translate promises into tangible returns.
- A dividend declaration made in June 2022 has been held in regulatory limbo for over three years, leaving shareholders waiting on payments that were promised but not yet delivered.
- The SEC's October 16 certificate of filing broke the logjam, clearing AbaCore to distribute a combined 418 million pesos in property and cash dividends to eligible shareholders.
- The property dividend — 3.77 million PRIDE shares — has quietly appreciated in value, with PRIDE's book value climbing 305% above par to P405.17 per share by end-2023, meaning shareholders will receive more than originally set aside.
- AbaCore must still navigate tax settlements and secure a Bureau of Internal Revenue clearance before payment dates can be announced and certificates disbursed.
- Company leadership is framing the SEC approval as proof of AbaCore's capacity to generate real returns, using the moment to reinforce investor confidence heading forward.
AbaCore Capital Holdings Inc. crossed a significant regulatory threshold this month when the Securities and Exchange Commission approved its long-pending dividend distribution plan, issuing a certificate of filing on October 16, 2025. The approval clears the way for payments totaling more than 418 million pesos to shareholders of record as of June 28, 2022 — a commitment that had been waiting for resolution for over three years.
The distribution comes in two forms. The larger portion, roughly 376.7 million pesos, will be delivered as shares in Philippine Regional Investment Development Corp. — a wholly owned AbaCore subsidiary — amounting to 3.77 million common shares at a par value of 100 pesos each. The remaining 41.9 million pesos will be paid in cash, covering fractional share amounts that arise from the property dividend's allocation.
What gives the distribution added weight is how PRIDE's value has evolved since the original declaration. The subsidiary's book value stood at P360.98 per share in June 2022; by the close of 2023, it had risen to P405.17 — a gain of approximately 305 percent above par. Shareholders receiving PRIDE shares are thus collecting something worth meaningfully more than what was initially set aside for them.
The path to actual disbursement still requires AbaCore to settle outstanding tax obligations and obtain a certificate authorizing registration from the Bureau of Internal Revenue. Only once those administrative steps are complete will the company announce payment dates and begin issuing share certificates alongside cash. Chairman and president Antonio Victoriano Gregorio III welcomed the SEC's approval as affirmation of the company's commitment to shareholders and evidence that its investments have produced genuine, measurable value.
AbaCore Capital Holdings Inc. cleared a regulatory hurdle this month when the Securities and Exchange Commission approved the company's plan to distribute dividends that have been waiting since mid-2022. The SEC issued its certificate of filing on October 16, 2025, giving AbaCore the green light to move forward with payments totaling more than 418 million pesos to shareholders who owned stock on June 28, 2022.
The distribution breaks into two parts. Shareholders will receive property dividends valued at roughly 376.7 million pesos, delivered as shares in Philippine Regional Investment Development Corp., a company AbaCore owns entirely. The property portion amounts to 3.77 million common shares, each carrying a par value of 100 pesos. The remainder—about 41.9 million pesos—will arrive as cash, including payments for fractional shares that result from how the property dividend gets divided among shareholders.
The timing matters because PRIDE's value has moved substantially since AbaCore declared these dividends in June 2022. At that moment, the subsidiary's book value stood at 360.98 pesos per share. By the end of 2023, that figure had climbed to 405.17 pesos per share, a gain of roughly 305 percent above the original par value. Shareholders receiving PRIDE shares are therefore getting something worth considerably more than what the company initially set aside.
Before the actual money and certificates reach shareholders' hands, AbaCore still has administrative work ahead. The company must settle tax obligations and obtain a certificate authorizing registration from the Bureau of Internal Revenue. Only after those steps are complete will the company announce specific payment dates and begin issuing PRIDE share certificates alongside cash disbursements.
Antonio Victoriano Gregorio III, who leads AbaCore as chairman and president, framed the approval as validation of the company's approach to shareholder relations. He noted that the SEC's sign-off, combined with PRIDE's demonstrated growth, positions the distribution as evidence of AbaCore's ability to generate real returns from its investments. The company, he suggested, sees this moment as reinforcing investor confidence and sustaining the momentum that has carried it forward.
Notable Quotes
This development reflects AbaCore's steadfast commitment to fulfilling our obligations to shareholders and delivering tangible value from our investments— Antonio Victoriano Gregorio III, AbaCore Capital chairman and president
The Hearth Conversation Another angle on the story
Why did it take three years from the dividend declaration in June 2022 until SEC approval in October 2025?
The source doesn't explain the delay directly. It's possible the company needed time to prepare documentation, or there were complexities around the property dividend structure that required regulatory review. The SEC approval itself came fairly recently.
What's the significance of PRIDE's book value growing 305 percent above par value?
It means shareholders aren't just getting shares—they're getting shares in something that's become substantially more valuable. When AbaCore declared the dividend, PRIDE was worth 360.98 per share. By late 2023, it was worth 405.17. That's real appreciation, not just a paper shuffle.
Why does the company need to settle taxes before distributing?
Dividend distributions have tax implications. The company needs to determine what taxes are owed on the distribution itself and ensure those are handled before shareholders receive their payments. It's a regulatory requirement.
Who benefits most from this—large shareholders or small ones?
The source doesn't differentiate. Everyone who owned stock on the record date gets the same per-share treatment, so proportionally, larger shareholders receive larger distributions. But the mechanism treats all shareholders equally.
What does this say about AbaCore's overall health?
That it has profitable investments generating real returns. PRIDE's growth suggests AbaCore's capital deployment is working. The company is also honoring commitments to shareholders, which matters for trust.