DigiPlus allots P5.36 billion to extend share buyback

MANILA, Philippines — DigiPlus Interactive Corp. has extended its share buyback program for another year, with an authorized budget of P5.36 billion.

DigiPlus said in a stock exchange filing that its board approved the revival of the share buyback program, which will be valid for another 12 months.

In July last year, the company unleashed a P6-billion share buyback program after its share price plummeted amid efforts by lawmakers to impose stricter regulations on online gambling.

The share repurchase program, which was valid for 12 months and can be renewed, underscored the company’s strong balance sheet and its commitment to maximizing long-term shareholder value.

Following the share buyback transactions on June 23,  DigiPlus reported that the remaining balance of the P6 billion share buyback program was P5.36 billion.

A share buyback enhances shareholder value and reflects the company’s confidence in its shares.

It is usually done whenever a listed firm deems its stock is trading at a price discount or undervalued.

Shares of DigiPlus closed at P11.96 apiece on July 8. Its 52-week low is P9.95, while its 52-week high is P40.65.

DigiPlus, a digital entertainment provider behind BingoPlus, ArenaPlus and GameZone, continues to expand its digital entertainment ecosystem both locally and abroad.

The company recently completed a HK$1.6 billion subscription to convertible bonds issued by International Entertainment Corp., establishing a potential offline platform designed to complement its digital network and enhance integrated customer engagement.

On the global front, DigiPlus is also preparing to enter the markets of Brazil and South Africa.

It also continues to enhance its in-app responsible gaming tools and strengthen its 24/7 customer care capabilities.