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Robinsons Land Corp.'s (RLC) board of directors have approved the extension of a share buyback program of up to P3 billion worth of the firm's common shares, bringing the company's total buyback program to P9 billion, according to a report by Manila Times.
In 2021, Robinsons Land approved the creation and implementation of a share buyback and extended this to Nov. 8, 2022. As of March 19, 2023, the firm had bought back 238,134,600 common shares worth P4,072,752,968.05.
The extension of the share buyback remains subject to the following terms and conditions:
• 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;
• Subject to appropriate disclosures, the share buyback will commence upon approval by the board and end upon utilization of the cited amount or as may otherwise be determined by the board;
• The program will not involve any active any widespread solicitation from the stockholders and will be implemented in the open market through the trading facilities of the Philippine Stock Exchange (PSE);
• Any significant development in the share buyback will be duly disclosed to the Securities and Exchange Commission and the PSE; and
• The share buyback program will not affect any of the corporation's prospective and existing projects and investments.
President and Chief Executive Officer Frederick Go and Chief Financial Officer Kerwin Max Tan were authorized by the board to instruct the firm's stock brokers to buy RLC shares from the market and to approve settlement instructions
Robinsons Land's share price went up on Monday by 48 centavos to close at P13.88 per share.
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