The property giant said current market prices fail to reflect the worth of its shares, prompting the board to authorize the repurchase program.
Megaworld shares, trading at about P2.02 each, are relatively flat since the start of the year and down nearly 5 percent from a year ago.
The move is set to run for 24 months through the Philippine Stock Exchange and will be funded entirely from internal resources.
Repurchased shares will be held as treasury stock, on top of the 1.19 billion already in the company’s books.
As of end-August, Megaworld had 32.56 billion common shares outstanding out of its P45.7-billion authorized capital. The final size of the buyback will hinge on market conditions and may be adjusted as management reviews the program.
—Edited by Miguel R. Camus
