Infrastructure conglomerate Metro Pacific Investments Corp. approved a share buyback program for up to P5 billion to boost shareholder value.
Metro Pacific said in a disclosure to the stock exchange Thursday its board of directors approved the implementation of the share buyback program starting Oct. 2, 2020 until the amount is fully utilized or as may otherwise be determined by its board.
“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,” Metro Pacific said.
From a 52-week high of P5.20 each, the stock price of Metro Pacific fell to P3.55 per share this week.
Metro Pacific also approved a P5-billion share buyback program in February.
Metro Pacific reported a 63-percent decline in net income to P3 billion in the first half from P8.1 billion in the same period last year.