FPH extends P6-B buyback program

LOPEZ- LED First Philippine Holdings Corp. ( FPH) said it was extending its P6- billion share buyback program up to July 2020.

“The original program was approved by the Board on July 8, 2010 and has been extended thrice up to this year,” FPH told the Philippine Stock Exchange on Thursday.

The company has so far purchased a total of P3.63 billion worth of shares out of the P6 billion approved earlier by the board.

“The program is intended to strike a balance between enhancing the company’s capital structure and the ability to fund future growth and investments,” FPH said.

“To be sure, FPH will also be mindful of the need to maintain the liquidity of its stock in the market,” it said.

FPH is engaged in the energy, property, and manufacturing sectors.

Shares of FPH ended down 20 centavos at P61.00 each.