MPIC to buy back P5-bil­lion shares

Business World - - Corporate News - Denise A. Valdez

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 aP 5- 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. —

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.