FPH extends share buyback program
Lopez-led First Philippine Holdings Corp. has extended its P6 billion share repurchase program by two more years or until July 2020.
FPH has already purchased P3.63 billion worth of shares from the open market.
“The program is intended to strike a balance between enhancing the company’s capital structure and the ability to fund future growth and investments.
Buyback transactions will be triggered if the company’s stock is substantially undervalued, where there is high volatility in share prices or in any instance where a buyback should serve to improve shareholder value,” FPH said.
FPH is a management and investment company whose major business is power generation and distribution, with strategic initiatives in manufacturing and property development.