Under the program, Axelum shall buy back up to P500 million worth of common shares.
Such amount may be increased from time to time by the company’s board of directors as the circumstances may warrant and subject to the availability of unrestricted retained earnings.
The actual number of shares to be included in the buy-back program cannot as yet be determined as this will depend on the total buy-back price of the shares.
Axelum, which has an authorized capital of P5 billion, said it cannot accurately determine its capital structure after the buy-back program since the actual number of shares to be included in the buy-back cannot as yet be determined.
According to the company, the buyback program will not adversely affect its prospective and existing projects.
The company shall purchase the shares using cash and book them as treasury shares.