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Manila Bulletin devider Business devider The Stock Market devider RLC increases share buyback budget to P9 B

RLC increases share buyback budget to P9 B

Published Mar 21, 2023 07:41 am
Robinsons Land Corporation is raising its share buyback program to P9 billion by allotting an additional P3 billion for the extension of the program this year. In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved the extension of the share buy-back program in a special meeting. As a background, on November 4, 2021, the RLC Board of Directors approved the creation and implementation of a share buy-back program involving up to P3 billion worth of the Corporation’s common shares. On November 8, 2022, the Board approved the extension of the share buy-back program for the additional amount of P3 billion. On March 20, 2023, the Board approved to further extend the share buy-back program involving up to P3 billion. From November 4, 2021 to March 19, 2023, RLC has bought back 238.13 million common shares costing P4.07 billion. “The objectives of the share buy-back 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,” RLC said. Subject to appropriate disclosures to the PSE and the Securities and Exchange Commission, the share buy-back 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. RLC said the share buy-back 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 PSE. The share buy-back program will not affect any of the Corporation’s prospective and existing projects and investments. RLC President and CEO Frederick D. Go or Chief Financial Officer Kerwin Max S. Tan have been authorized by the Board to instruct the Corporation’s stock brokers to buy RLC shares from the market and to approve settlement instructions in relation to the buy-back.
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