Robinsons Land extends share buyback program
LISTED property developer Robinsons Land Corp. has earmarked another P3 billion as it extends its share buyback program to reach a total of P9 billion, it said on Tuesday.
The company said in a stock exchange disclosure that the objectives of the program’s extension remain the same — similar to its term set on November 2021 and November 2022.
The share buyback program was initially set in 2021, earmarking an initial value of P3 billion for the company’s common shares. It was extended in 2022 with an additional P3 billion.
The corporation has already bought back 238,134,600 common shares valued at about P4.07 billion of the total P6 billion initially earmarked before the extension.
“The objectives of the share buyback program are to enhance the shareholder value and to manifest confidence in the Corporation’s value and prospects through the repurchase of the commons shares of the Company,” Robinsons Land said.
Robinsons Lands said that the share buyback program will not involve any active and widespread solicitation from stockholders and will be implemented in the open market through the Philippine Stock Market.
“The share buyback program shall commence upon approval by the Board and shall end upon utilization of the above-mentioned amount, or as may otherwise be determined by the Board,” the company said.
On the local bourse on Tuesday, RLC shares rose by P0.48 or 3.58% to close at P13.88 each. — Adrian H. Halili
