First Philippine Holdings approves extra P5B in stock buyback
Lopez-led First Philippine Holdings Corp. said its board approved the buyback of an additional P5 billion in shares to boost the liquidity of its stock.
In a filing with the stock exchange, FPH said the share repurchase program would run until July 2020.
Last June 27, the executive committee approved an interim additional allotment of P70 million for the program.
FPH said the program is intended to strike a balance between enhancing the company’s capital structure and maintaining the ability to fund future growth and investments.
Buyback transaction will be triggered if the company stock is substantially undervalued, when there is high volatility in share prices or in any instance where a buyback should serve to improve shareholder value.