The Board of Directors of Emperador Inc., the world’s largest brandy company, has approved the two-year repurchase program of up to PHP5.0 billion worth of common shares.
The term for buy-back of shares will start Tuesday, May 16, ending May 16, 2019.
“Our shares are undevalued and we believe that this exercise will enhance shareholder value over time,” said Emperador President Winston Co.
The listed firm said the buy-back program will be through cash, with shares to be booked as Treasury shares.
To date, Emperador has 20 billion authorized capital stocks, with 16.12 billion issued and outstanding stocks and no Treasury shares.
Meanwhile, the company recorded a net income of PHP1.7 billion in first quarter of 2017 due to higher contribution from its international units.
In the same period, Emperador’s consolidated revenues hit PHP9.0 billion. (KMC/PNA)