Robinsons Land Corp., the property arm of the Gokongwei Group, said Tuesday its board approved the extension of the company’s share buyback program and allotted an additional P3 billion for the stock repurchase.
Robinsons Land started buying back shares in November 2021, initially allotting P3 billion. The program was extended in November 2022 and an additional P3 billion was budgeted for the stock repurchase.
Between November 2021 and March 19, 2023, the company has bought back a total 238.1 million shares valued at a total P4.07 billion.
“The objectives of the share buy-back program are to enhance the shareholder value and to manifest confidence in the Corporation’s value and prospects through the repurchase of the commons shares of the Company,” Robinsons Land told the stock exchange.
The company will conduct the share buyback program from time to time in the open market.
