Robinsons Retail Holdings Inc., a part of the Gokongwei Group, said Friday its board approved the extension of its shares buyback program and budgeted an additional P1 billion to further enhance shareholder value.
Robinsons Retail started its buyback program in 2020, with an initial budget of P2 billion. It extended the program three times since that set aside a total P4 billion as additional budget for the shares repurchase program.
In September, the listed company completed that program after buying back a total 108 million shares, equivalent to 7.3 percent of the company.
Apart from improving shareholder value, Robinsons Retail said the share buyback program is also intended “to manifest confidence in the company’s value and prospects” as well as to return a portion of the capital to shareholders.Robinson Retail assured that the share buyback program will not affect any of the company’s prospective and existing projects and investments.
Shares of Robinsons Retail closed on Thursday at P38.40, just above the lower end of its 52-week trading range of P38.05 to P60.20.
