The energy arm of the Ayala family has received authorization from its board of directors to repurchase up to P1 billion of its shares.
AC Energy Philippines Inc. will buy the shares from the open market in a bid to support share prices and boost liquidity.
In a regulatory filing, AC Energy said it purchased a total of 1.2 million shares at a price ranging from P2.19 to P2.20 apiece.
AC Energy is one of the fastest growing energy companies with $2 billion of invested and committed equity in renewable and thermal energy in the Philippines, Indonesia and Vietnam.
The company aims to exceed 5 GW of renewables capacity and generate at least 50% energy output from renewables by 2025.