ALLIANCE Global Group, Inc. (AGI) has allocated another P2 billion for the extension of its share buyback program to reach a total of P9 billion, it said on Wednesday.
In a regulatory filing, the company said its board of directors had approved extending its buyback program up to April 2025 or an additional 12 months from the original ending date of April 8, 2024.
The Tan-led firm said the objectives of the program’s extension remain the same — similar to its term set in October 2021 and extension in December 2022.
“The extension and the increase in the allocated amount are still geared towards enhancing shareholder value,” the company said.
The company’s share buyback program was initially set in 2021, earmarking an initial P4 billion for AGI’s common shares. It was extended in December last year with an additional allocation of P3 billion.
To date, Alliance Global has already bought back 596.85-million common shares which are valued at about P6.93 billion of the total P7 billion initially earmarked before the new extension.
AGI is engaged in property development, food and beverage manufacturing and distribution, quick service restaurants, and integrated tourism development.
The company’s subsidiaries are Emperador Inc., Megaworld Corp., Travellers International Hotel Group, Inc., Golden Arches Development Corp., and Infracorp Development, Inc.
AGI dropped 1.34% or 18 centavos, closing at P13.30 per share on Wednesday. — Adrian H. Halili