AGI, led by tycoon Kevin Tan, disclosed that its board approved the extension until Dec. 31 this year.
Stock buybacks strengthen share prices by reducing outstanding shares in the market. This raises earnings per share, which improves the stock’s perceived value.
The company also retained the same terms of the buyback initially approved in the midst of the COVID-19 pandemic in October 2021. The program was later increased in 2022 and 2023.
AGI is keeping the total allocation for the buyback at P9 billion.
The company, which also owns liquor giant Emperador Inc. and Newport World Resorts integrated casino, is one of the country’s largest conglomerates.
The buyback comes amid challenging market conditions, causing its share price to lose about 40 percent of its value since the buyback was first announced. During the same period, the PSEi lost about 13 percent.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
