Petron Corp., the oil company of San Miguel Corp., said Wednesday it bought back 459.2 million shares, the initial salvo of P1.52 billion share buyback program announced two weeks ago.
The share block, valued at P2.4367 each or a total P1.12 billion, were bought from Petron Corporation Employees’ Retirement Plan.
The shares represent 4.9 percent of the outstanding shares of 9.38 billion prior to the buy back. The total outstanding shares is now down to 8.92 million.
Based on Petron’s plans, the company will buy back 167 million more shares to complete the program.
