Alliance Global Group Inc., the listed holding company of bilyonaryo Andrew Tan, has approved a new share repurchase program of P2.5 billion to enhance shareholder value.
The buyback program, which will be executed in the open market through the trading facilities of the Philippine Stock Exchange, shall be for a term of 12 months starting September 24.
AGI will repurchase shares using cash and book them as treasury shares.
The company said it has sufficient retained earnings to support the new buyback program.
AGI said the buyback program would not adversely affect the company and its subsidiaries’ perspective and existing projects.