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Business

MPIC buys back P4.9 billion shares

Iris Gonzales - The Philippine Star

MANILA, Philippines — Metro Pacific Investments Corp. (MPIC), the infrastructure and tollways conglomerate chaired by Manuel V. Pangilinan, has already bought back P4.9 billion worth of shares since launching a massive buyback program in October last year.

Its latest buyback consisted of 168,000 MPIC shares, bringing the total number of shares purchased since October to 1.3 billion shares.

The company appropriated P5 billion for its buy-back program.

Listed companies are betting on their shares, spending billions for buy back programs to prop up the prices, noting the current situation brought about by the pandemic does not reflect the real value of their shares.

MPIC shares are trading at an average price of P3.74 per share.

Gokongwei-led Robinsons Retail Holdings Inc. likewise extended its buyback program for an additional amount of P2 billion, bringing its buyback program to a total of P4 billion.

Last week, RRHI bought back 410,000 shares, bringing the total number of shares purchased since launching a buyback program in February this year to 59.7 million shares worth P3.3 billion.

“As a result of the buyback made on Oct. 7, 2021, the remaining balance of the amount for the buyback as of this date is P687.5 million,” RRHI said last week.

Lucio Co-owned Cosco Capital Inc. also recently bought back shares, bringing the total number of shares purchased to 214.8 million shares, worth P1.4 billion.

The company has appropriated P3 billion for the buyback program.

Last Sept. 30, Cosco Capital bought 130,000 shares.

Its share price has been trading at an average price of P4.99 per share.

Moving forward, analysts see companies continuing with their share buyback programs to take advantage of low prices given the prevailing market volatility and to also prop up the prices.

Investors have more confidence in companies willing to spend money to buy back their own shares.

METRO PACIFIC INVESTMENTS CORP.
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