THE board of directors of Emperador, Inc. has approved a share buy-back program to repurchase common shares worth up to P1 billion “to enhance shareholder value.”
“The actual number of shares to be repurchased cannot as yet be determined as this will depend on the total buy-back price of the shares,” the company said in a disclosure on Tuesday.
Emperador added that it cannot determine how the program will affect the company’s capital structure “since the actual number of shares to be repurchased will depend on the total buy-back price of the shares.”
As of Monday, the company has 20 billion in authorized capital stock, 16.24 billion issued stocks, nearly 15.84 billion outstanding stocks, and over 404.20 million treasury shares.
Shares will be repurchased using cash and will then be booked as treasury shares.
“The company has sufficient retained earnings to support the buy-back program,” the listed brandy and whiskey manufacturer said.
The buy-back program will run from April 12 until Dec. 31, and will be done through the Philippine Stock Exchange.
Emperador also said the program will not affect prospective and existing projects of the company and its subsidiaries.
Shares of Emperador at the stock exchange rose by 0.96% or P0.10 on Tuesday to close at P10.50 each. — Keren Concepcion G. Valmonte