Business

Gaisanos approve P300M share buyback for Metro Retail Stores Group

Metro Ayala Cebu to reopen this year

Metro Retail Stores Group Inc. (MRSGI) has earmarked P300 million for a new program to repurchase shares from the stock market to enhance shareholder value.

Metro Retail Stores Group Inc. (MRSGI) has earmarked P300 million for a new program to repurchase shares from the stock market to enhance shareholder value.

Funding for the buyback will be taken from the company’s existing cash, supported by unrestricted retained earnings.

The program, which will not involve any active and widespread solicitation from stockholders, shall end upon the full utilization of the P300 million. It will not affect any of the company’s existing and prospective projects.

Vicsal Development Corp., the controlling stockholder of MRSGI, will not participate in the share buyback program.

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