MANILA, Philippines — First Philippine Holdings Corp. (FPH) of the Lopez Group is ready to buy back more shares to boost its stock price, which the company believes is currently undervalued.
During the company’s annual stockholders’ meeting yesterday, FPH president and chief operating officer Francis Giles Puno said the company has been actively buying back its own shares since the share buyback program began in 2010.
He said FPH has purchased a total of 185 million shares to date, representing 31 percent of its pre-buyback outstanding shares, and has paid P13.1 billion to its shareholders.
“Given the undervaluation of FPH shares, we believe that the best way forward is to continue the buyback program. This will benefit loyal shareholders who choose to remain with the company as they will own a larger share of a valuable company,” Puno said.
“For shareholders who wish to sell their shares, FPH through the share buyback program serves as a ready buyer, providing them with an immediate opportunity to realize the value of their investment at fair market value,” he said.
Puno said the program also distributes cash to shareholders, with FPH paying P3.4 billion to its shareholders under the share buyback initiative in 2025.
FPH shares closed at P87.50 yesterday, down by 2.29 percent from P89.55 the previous day. Its 52-week low is at P70.10, while its 52-week high is P120.
The company held its annual stockholders’ meeting yesterday following previous postponements due to issues relating to the legal dispute between FPH chairman and CEO Federico “Piki” Lopez and Lopez Inc.
FPH is part of Lopez Group of companies, with Lopez Inc. serving as its ultimate parent firm.
In his report, Piki discussed the group’s theme, which is compounding good choices, as FPH turns 65 years old this year.
“Milestones like this naturally invite us to look back. But perhaps their greater value is that they make us look forward. What will it take for FPH to remain relevant and purposeful for the next 65 years?” Piki said.
FPH is a holding company with investments in power generation, energy solutions, residential and commercial real estate, industrial real estate as well as construction and energy services.
Piki said that for 65 years, FPH has been shaped by choices across many generations.
“We inherited businesses and assets. But we also inherited capabilities, partnerships, values and trust accumulated across decades,” Piki said.