PNOC-EDC okays P4-B share buyback scheme
PNOC-Energy Development Corp., the country’s biggest geothermal power company now majority-owned by the Lopez Group, has approved a P4-billion share buyback program, the company said in a disclosure to the Philippine Stock Exchange.
The program would involve approximately four percent of its current market capitalization, it said.
The buyback program would be carried out within a two-year period starting
PNOC-EDC said the program would allow it to implement a proposed executive/employee stock ownership plan (through options, grants, purchases or such other equivalent method) the details of which are yet to be determined.
The geothermal firm also said the share repurchase will still be subject to board, shareholder and regulatory approvals.
The program, it noted, also aims to create and enhance shareholder value as management is of the opinion that the stock’s current market price does not reflect the true value of the company’s shares.
The buyback scheme, it said, would also be implemented in an orderly manner. “It will not adversely affect the company’s prospective and existing development projects.”
The company said the program will be executed in the open market through the trading facilities of the PSE.
The program would be implemented under the direct supervision of the company’s operations committee which shall determine all the other terms and conditions of the scheme.
“Any buyback transaction shall be immediately reported to the investor relations officer who shall disclose the same to the PSE within the day,” it said.
The PNOC-EDC board also set the date of its stockholders’ meeting on
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