THE Executive Board of Emperador, Inc. authorized the equity buyback program “to increase the stock worth of shareholders” by repurchasing common shares worth up to P1 billion.
The company announced in its statement on Tuesday “the exact amount of securities that will be repurchased cannot be calculated as it will rely on the overall share repurchase price.
He adds that the programme, when the exact numbers of actions to be repurchased rely on the average buyback price of the shares, would not change the financial structure of the business.
As at Monday, the group has approved stocks of 20 billion, released securities of 16.24 billion, remaining stocks of close to 15.84 billion and treasury shares of more than 404.20 million.
Shares are redeemed with cash and booked as shares of the treasury.
The described brandy and whisky maker stated that “the group has maintained enough earnings to fund the buy-back programme.
The buyback scheme takes place on the Philippines Bourse from 12 April until 31 December.
Emperador stated that the policy would not impact the corporation and its subsidiaries’ future and ongoing programs.
Emperador’s stock at the stock exchange increased on Tuesday by 0.96% or P0.10 to end each at the level of P10.50.