On February 26, 2021, the Board of Directors of Robinsons Retail Holdings, Inc. agreed to extend the share buyback program for an additional amount of P2.0 billion to improve shareholder value. This will be on top of the P2.0 billion share buyback approved last March 9, 2020.
The program will be implemented in the open market through the trading facilities of the Philippine Stock Exchange.
RRHI has a strong net cash position to support the new share buyback program.
As of March 5, 2021, RRHI has repurchased 24.7 million shares from the open market for P1.5 billion.
“We are confident in the growth trajectory of Robinsons Retail as we venture into more adaptive and agile means of doing business. Our buyback program is in line with our capital allocation policy, which involves our strategies for organic growth, M&As, e-commerce, and higher dividend payouts. We also remain committed in maintaining a strong balance sheet, which provides financial resilience for the company,” said Robina Gokongwei-Pe, President and CEO of RRHI.
