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Ayala Corp to buy back P2.5B worth of shares
Thomson Financial
Last updated 12:59pm (Mla time) 09/11/2007
MANILA, Philippines -- The Philippines' biggest conglomerate, Ayala Corp., said Tuesday it will buy back up to P2.5 billion worth of common shares, or about 1.3 percent of the company's current market capitalization, to boost its stock price.
The buyback program "sends a positive signal of the company's confidence in its own shares," Ayala Corp told Manila's stock exchange. The company did not say when the buyback will start.
It said the program will not affect the company's prospective and existing projects and investments, including its ongoing liabilities management program.
Ayala Corp's listed units are Globe Telecom Inc., Ayala Land Inc., Bank of the Philippine Islands and Manila Water Co. Inc.
At 9:43 a.m., Ayala Corp. shares were steady at P462.50. – Enrico dela Cruz
($1 = P46.70)
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Wednesday, September 12, 2007
Ayala Corp to buy back P2.5B worth of shares
Posted by An aspiring millionaire at 11:17 PM
Labels: Ayala Corporation, Ayala Land, Treasury Stocks
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