Metro Pacific Investments Corp. (MPIC) is launching a P5-billion share buyback program to help boost its value to shareholders.
In a disclosure to the stock exchange on Thursday, the infrastructure conglomerate said its board of directors had approved starting a share buyback on Friday, Oct. 2.
The company is targeting to buy up to P5-billion worth of shares, and the buyback program will last until the allotted amount is fully utilized.
“The purpose for the share buyback program is to enhance and improve shareholder value and to manifest confidence in the company’s value and prospects through the repurchase of its common shares,” MPIC said.
In February, the company also started a P5-billion share buyback program, from which it was able to buy a cumulative 213.48 million shares as of March 20.
MPIC said it is triggered to do buyback transactions when it feels its stock is substantially undervalued, share prices are highly volatile, or its board of directors sees a good opportunity to enhance shareholder value.
MPIC shares closed at P3.55 each on Thursday, down six centavos or 1.72% from the previous session. The shares have seen a 52-week high of P5.20 each and a 52-week low of P2.28 each.
The company posted a 63% income drop to P3.03 billion in the first half of 2020, attributable to the impact of the coronavirus pandemic to all its business segments. MPIC has interests in the water, power, tollways, railway, hospital, and logistics sectors.
MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being PLDT Inc. and Philex Mining Corp.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Denise A. Valdez|BusinessWorld
Source: Peso Economics
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