AGI extends share buyback program

MANILA, Philippines — Alliance Global Group Inc. (AGI) of tycoon Andrew Tan is extending its share buyback program until the end of the year as part of the company’s continuing efforts to boost shareholder value.

In a stock exchange filing, AGI said that its board approved the extension of the company’s present buyback program up to Dec. 31, 2025.

“The extension is still geared towards enhancing shareholder value,” the company said.

AGI is authorized to repurchase the common shares under the same terms and conditions of the buyback program approved on Oct. 8, 2021, as increased on Dec. 12, 2022 and June 13, 2023.

“The actual number of shares to be repurchased will be paid out of the balance of the allocation to date, which shall be determined and depend on the actual buyback price of the shares,” the company said.

AGI’s board on June 13, 2023 approved the extension of buyback program by an additional 12 months or up to April 08, 2025.

The amount allocated by the company to implement the share buyback program has also been increased by an additional P2 billion.

AGI purchased 1.25 million shares from the open market at an average price of P6.0058 per share on March 31 and another 20,000 shares at an average price of P6.01 apiece on April 4.

As of April 4, the cumulative number of shares purchased based on the company’s buyback program that commenced on Oct. 08, 2021 has reached 772.48 million.

Of the P9 billion appropriated for the buy-back program, the total amount of shares repurchased has so far amounted to P8.62 billion.

AGI has a diversified portfolio with investments in real estate, hospitality, spirits manufacturing and quick service restaurants.