SFA Semicon Philippines Corp. said Tuesday that its board approved the extension of the company’s share buyback program and the additional funding of up to P73 million for more shares repurchase.
Last year, SSP launched its share buyback program with the allocation of up to P130 million to enhance shareholder value and manifest confidence in the company’s value and prospects.
At end July, SSP has already purchased 75.9 million of its own shares for a total acquisition cost of P123.8 million. The buyback represents 3.5 percent of SSP’s total issued and outstanding shares of 2.17 billion.
SSP’s share price has appreciated to P1.82 per share at the close of trading on 31 July, 84 percent up from the P0.99 per share closing price on 29 June 2022, the day SSP approved the share buyback program.
Despite the weak short-term outlook in the semiconductor industry, SSP is hopeful the share buyback program will continue to improve shareholder value, which is expected to be earnings-per-share accretive to shareholders and to increase return on equity.
