SM Prime Holdings Inc. (SMPH.PH), operator of the Philippines’ largest shopping mall network, Thursday said it will pay a cash dividend totaling PHP2.99 billion (.4 million) this year and spend PHP6 billion on expansion. 

Investors will get PHP0.24 a share in line with the company’s policy of paying out half of the prior year’s net profit as dividend. The record date hasn’t been set yet.

Also, the company will spend PHP6 billion to complete three new shopping malls and fund the expansion of three other retail complexes in the Philippine capital.

The three new malls opening this year will increase SM Prime’s gross floor area to 4.2 million square meters from 3.9 million at the end of December.

SM Prime has budgeted PHP33 billion for its local expansion in the next five years.