Crown Asia to buy back P100-M shares

CROWN Asia Chemicals Corp. announced on Wednesday it would repurchase shares worth P100 million to increase their value.

In a disclosure, the listed plastics maker said its board of directors had approved the buyback program after the latter deemed the shares “undervalued.”

“The undervalued shares of” Crown Asia Chemicals, despite its “consistent track record, is a good opportunity to enhance shareholders’ value,” it added.

The company also said it was a supplier for the new passenger terminal of the Clark International Airport in Pampanga province, the land development phase of which would start soon. What it supplies to this project is not specified.

Other major projects Crown Asia Chemicals is involved in are the Cavite Expressway Coastal C5 Link and the Harbor Link Segment 10 that stretches from Valenzuela City to Manila’s

Port Area.

The firm also continues to supply the Cavite- Laguna Expressway project with highdensity polyethylene pipes.

“We stand with [ the] progressive initiative of the government” to develop “major infrastructures for economic growth,” Crown Asia Chemicals Board Chairman Walter Villanueva said in the disclosure.

Incorporated and registered with the Securities and Exchange Commission as Crown Asia Compounders Corp. on Feb. 10, 1989, Crown Asia Chemicals produces plastic compounds, plastic pipes and other related materials, including polyvinyl chloride ( PVC) pellets, which are used in the construction and telecommunications industries.

Its plant is in Guiguinto town, Bulacan province.

Crown Asia’s shares ended flat at P1.76 on Wednesday.