AEV buys back P3.7B in shares as price hovers near 1-year low

Aboitiz Equity Ventures Inc. (AEV) executed a P3.7-billion share buyback last Friday, acquiring 806,400 of its own shares, the company told the Philippine Stock Exchange in a disclosure.

This move, authorized by the AEV board on April 25, 2024, aims to leverage the company's excess cash to optimize its market position, the firm said.

The buyback prices ranged from P38.45 to P38.80 per share.

This transaction reflects AEV's strategic approach to enhancing shareholder value and managing capital efficiently, it explained.

The acquisition aligns with the company’s ongoing buyback program, boosting its treasury shares to 124.4 million.