Tycoon Ana Aboitiz Delgado bought nearly P15 million worth of Aboitiz Equity Ventures Inc. (AEV) shares this month amid continued weakness in the broader market.
Delgado, who also serves as president and CEO of Union Bank of the Philippines, acquired 498,818 AEV shares between May 12 and May 14 at prices ranging from P29.50 to P30.35 apiece.
The purchases increased her stake to 32.52 million shares, equivalent to 0.586 percent of AEV, whose portfolio spans power, banking, food and beverage, infrastructure and real estate
The insider buying came as AEV separately moved to extend buybacks and increase investments in AEV, AboitizPower and UnionBank, reviving a strategy previously used during market downturns.
Banking and power drive rebound
The conglomerate nearly doubled first quarter profit to P6.3 billion from P3.2 billion a year earlier as stronger power and banking earnings offset continued weakness in real estate.
AboitizPower remained the group’s main earnings engine after contributing P4.4 billion on stronger margins and new capacity additions.
UnionBank meanwhile posted a 167 percent surge in earnings to P3.8 billion, reinforcing banking as another major growth pillar for the group.
AEV ended the quarter with P102 billion in cash, giving it room to continue funding expansion and market support initiatives despite volatility.
—Edited by Miguel R. Camus
