Consunji firm approves P2B share buyback plan
Semirara Mining and Power Corp. will buy back shares worth up to P2 billion from the open market.
The Consunji-led company told the Philippine Stock Exchange its board had approved the repurchase of shares to enhance shareholder value and provide stockholders an opportunity to liquidate their investments.
“The buy-back is not an active and widespread solicitation, nor will it involve substantial number of shares, and will not adversely affect the corporation’s prospective and existing development projects,” Semirara said.
Semirara said the buyback would start from Dec. 8.
Shares of Semirara rose 7.04 percent to P38 apiece Thursday as investors cheered the company’s stock buyback announcement.