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Zobel-led Ayala Corp., the country’s oldest conglomerate, is including the shares of its publicly-listed subsidiaries in its six-year-old, ₱20-billion share buyback program as stock prices languish at the local bourse.
In a disclosure to the Philippine Stock Exchange, the firm said its Board of Directors has approved the expansion of the coverage of its share buyback program to include the purchase of shares of its publicly listed subsidiaries, as endorsed by Ayala’s Finance Committee.
The Program has an outstanding approval of ₱20 billion, as previously disclosed on Dec. 5, 2019 and Dec. 10, 2021.
The original buyback program had a ₱10 billion budget in 2019 and this has been doubled in 2021 by an increase of another ₱10 billion.
Subsidiary Ayala Land Inc. also has its own ₱26-billion share buyback program and has already bought back over ₱20 billion of its shares since 2020.
ALI president and CEO Anna Ma. Margarita Bautista-Dy said the company continues to actively repurchase its shares because, “At these levels, we believe that ALI shares are trading well below its fair value. Hence, we have actively been repurchasing our shares.”
“And we will continue implementing our buyback program as long as we see our shares trading at a steep discount to its intrinsic value,” she said.
