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Business

Companies buy back their shares

Iris Gonzales - The Philippine Star

MANILA, Philippines — Listed companies are spending billions of pesos to buy back their shares to improve shareholder returns.

Metro Pacific Investments Corp. (MPIC) has resumed its share buy-back program, buying 8.3 million on July 28, 12 million on July 29 and 11.3 million on July 30. Its share is trading at an average of P3.57 per share.

Its 52-week high is P4.58 per share while the 52-week low is P2.97 per share.

The tollways and infrastructure conglomerate chaired by tycoon Manuel V. Pangilinan allotted P5 billion for the buy-back program.

Last week’s buying-spree brings the total number of shares acquired by the company to 720.7 million shares worth P2.8 billion since launching the buy-back program in October 2020.

MPIC’s share price rose two percent yesterday to close at P3.57 per share.

DoubleDragon Properties Corp., the listed property company of Edgar “Injap” Sia II, likewise launched a P500-million share buy-back program, which will be implemented up to July 30, 2022.

Assuming that the amount allocated for the share buy-back program is fully utilized, DoubleDragon will be able to repurchase 48.2 million common shares at roughly P10.38 per share.

DoubleDragon’s share price closed at P10.30 per share yesterday, up 1.98 percent.

Another company, Axelum Resources Corp., likewise resumed its buy-back program, purchasing from the open market 185,000 common shares at P2.70 per share.

Since last year, the company has acquired 128.3 million shares worth P374.9 million under a P500-million share buy-back program approved in March last year.

Axelum’s share price closed at P2.69 per share yesterday, down 0.37 percent.

COMPANY MPIC
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