PSE / MEDIA RELEASE : Share Buyback Program
SBS Philippines Corporation (the “Company”) is pleased to announce that its Board of Directors, at a meeting held on 11 April 2017, approved a new share buyback program with a volume of up to another P200 million. The new buyback program replaces the previous mandate which has already been fully expended.
The share repurchases will be undertaken in the open market through the trading facilities of the Philippine Stock Exchange and will run from April 18, 2017 until the amount earmarked for the program has been fully utilized.
The program will be funded by internally generated funds from the Company’s unrestricted retained earnings and is not expected to affect the Company’s existing or prospective projects and dividend policy. The repurchased shares will be held as treasury shares.
The buyback program is intended to enhance shareholder value, bolster shareholders’ confidence, and strengthen the fundamental value of the Company’s shares.
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