Metro Retail Stores Group Inc., a listed company that owns and operates supermarkets and department stores, said Tuesday it already spent P212.4 million of the P300 million it allotted two years ago for its share buyback program meant to bolster shareholder value.
The retail company already repurchased from the stock market a total 150.8 million shares, equivalent to 4.4 percent stake in the company, at an average price of around P1.41.
The shares are now held in treasury and may be sold by Metro Retail in the future to interested investors. Over the last 12 months, the company’s shares have traded within the P1.09 to P1.48 range.
With P87.6 million left from the budget for the buyback program, Metro Retail could still acquire more shares that will increase shares held in treasury to around 6. percent of the company’s outstanding stock, a substantial stake but not enough to give the potential buyer a seat in the board.
