MPIC Repurchased Over 30 Million Shares, Other Companies Follow Suit

Billions of pesos are being spent by various companies listed on the Philippine Stock Exchange (PSE) in an effort to buy back their shares and boost returns for shareholders.

Over the past week, Metro Pacific Investments Corp. (MPIC) continued with its share buy-back program. On July 28, the company bought 8.3 million of its own shares. Another 12 million and 11.3 million were also repurchased on July 29 and 30, respectively.

On August 2, MPIC’s share price rose by 2% and closed at ₱3.57 per share.  The conglomerate chaired by Manny V. Pangilinan has already allotted ₱5 billion of the company’s funds for its buy-back program. Since the program was first launched in October 2020, MPIC has acquired 720.7 million of its own shares worth ₱2.8 billion.

Edgar “Injap” Sia II’s DoubleDragon Properties Corp. is also looking to proceed with its own ₱5 million buy-back program. The implementation of DoubleDragon’s program will be implemented until July 30 of next year.

At least 48.2 million common shares priced at ₱10.38 apiece could be repurchased by the real estate development company if utilized to its full potential. DoubleDragon’s share price also went up by 1.98% on Monday as it closed at ₱10.38 per share.

Coconut products manufacturer Axelum Resources Corp. is also among the companies that have resumed their buy-back programs. It recently repurchased 185,000 common shares at ₱2.70 per share from the open market.

The company’s ₱500-million program to buy back shares was approved in March 2020. Since then, it has already acquired 128.3 million shares worth approximately ₱374.9 million. Axelum closed at ₱2.69 per share on Monday, which equated to a drop of 0.37%.

Source: PhilStar