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Manila Bulletin devider Business devider The Stock Market devider SM Prime, ATI launch P12 billion share buyback programs

SM Prime, ATI launch P12 billion share buyback programs

Published Dec 10, 2024 02:12 am

With the local stock market at bargain levels, Sy-led property developer SM Prime Holdings Inc. and tycoon Eusebio H. Tanco’s Asian Terminal Inc. (ATI) have decided to buy back their shares worth a total of P12 billion.

In a disclosure to the Philippine Stock Exchange (PSE), SM Prime said its board of directors has approved a share buyback program ranging from P5 billion to P10 billion. The final terms and implementation of the program have been delegated to management.

For its part, ATI said in a separate disclosure that its board of directors has authorized and approved a share buyback program for up to P2 billion worth of the company’s common shares.

The board authorized and delegated to management the authority to decide when to acquire ATI’s shares, as and when market conditions dictate and as opportunities arise.

ATI said its share buyback program aims to boost shareholder value and demonstrate confidence in the company's worth and future prospects by repurchasing its common shares.

Funding for ATI’s buyback program will come from internally generated funds. It will begin on Dec. 10, 2024, and will continue until the authorized amount has been fully utilized or as otherwise directed by the board of directors.

The share buyback program will be conducted in the open market via the trading facilities of the PSE, without any active solicitation from stockholders.

ATI also assured its stakeholders that the buyback program will not impact any of the company's current or future projects and investments.

When a company repurchases its own stock in a buyback program, it reduces the total number of shares outstanding and thus increases the value of the remaining shares since it gives the remaining shareholders a bigger slice of the company’s profits (earnings per share).

A buyback program also provides an exit for existing shareholders while increasing demand for a company’s shares. It also reduces the number of shares available in the open market and thus increases the stock’s potential upside for shareholders who want to remain owners.

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Eusebio Tanco Asian Terminals Inc. SM Prime Holdings Inc.
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