Robinsons Retail Holdings, Inc. (RRHI ) is extending its share buyback program for an additional amount of P2.0 billion to improve shareholder value.
In a disclosure to the Philippine Stock Exchange, the Gokongwei group’s retail arm said this will be on top of the P2.0 billion share buyback approved last March 9, 2020.
As approved by the RRHI Board of Directors, the share buyback program will be implemented in the open market through the trading facilities of the PSE.
RRHI said it has a strong net cash position to support the new share buyback program. As of March 5, 2021, RRHI has repurchased 24.7 million shares from the open market for P1.5 billion.
“We are confident in the growth trajectory of Robinsons Retail as we venture into more adaptive and agile means of doing business,” said RRHI President and CEO Robina Gokongwei-Pe.
She added that, “Our buyback program is in line with our capital allocation policy, which involves our strategies for organic growth, M&As, e-commerce, and higher dividend payouts. Gokongwei-Pe said “We also remain committed in maintaining a strong balance sheet, which provides financial resilience for the company.”