Lopez Holdings Corp., the listed holding company of the Lopez family, said its board approved a share buyback program of up to P400 million.
Lopez Holdings said in a disclosure to the stock exchange the share buyback program aimed to enhance the company’s shareholder value.
“The board of directors approved this afternoon the Lopez Holdings Corporation common shares buy-back program from July 2018 to July 2019 for up to P400 million, from internally generated sources,” Lopez Holdings said.
From a 52-week high of P7.49, the share price of Lopez Holdings recently dropped to a 52-week low of P3.54.
Share price of Lopez Holdings on Monday gained 1.4 percent to P3.61.
Lopez Holdings reported a net income of P1.145 billion in the first quarter of the year, up 10 percent from a year ago, while revenues rose eight percent to P27.56 billion.
Lopez Holdings was incorporated in 1993 by the Lopez family to serve as the holding company for investments in major development sectors, such as broadcasting and cable, telecommunications, power generation and distribution, and banking.
It added to the portfolio investments in other basic service sectors and has since sold its direct interest in banking, toll roads, information technology, property development, cable and health care delivery.
Other units of Lopez Holdings are also conducting their own repurchase programs.
First Gen Corp., a unit of Lopez Holdings, approved in June a two-year share buyback program that will cover up to P10 billion of the company’s preferred shares.
First Gen also implemented a two-year share buyback program covering up to 300 million common shares.
Unit First Philippine Holdings Corp. early this month extended its P6 billion share repurchase program by two more years, or until July 2020.
FPH already purchased P3.63 billion worth of shares from the open market.