DOUBLEDRAGON Properties Corp. will be buying back up to P500-million worth of the company’s common shares through “internally generated funds.”
“The buyback program will commence on 30 July 2021 and end on 30 July 2022, and shall be effective until the amount allocated for the said program has been fully utilized or as may otherwise be determined by the company,” DoubleDragon Properties told the exchange on Monday.
Should the company use all of the budget for the share buyback program, it may repurchase up to 48.17 million shares for the P10.38 per share price as of July 29.
It is said to be 2.03% of the company’s total outstanding shares, which stands at nearly 2.37 billion.
Its board of directors approved of the share buyback program on Friday. The company expects the program to improve shareholder value.
The company also said the program aims to “to manifest confidence in the company’s value and prospects through the repurchase of the common shares of the company and through the return of a portion of the company’s capital to its shareholders.”
DoubleDragon Properties said the program will be implemented through the open market using the trading facilities of the Philippine Stock Exchange.
“The share buyback program will not affect any of the company’s prospective and existing projects and investments,” the company clarified.
On Monday, shares of DoubleDragon Properties at the stock exchange went up by 1.98% or 20 centavos to close at P10.30 each. — Keren Concepcion G. Valmonte