Lopez-led power conglomerate First Gen Corp. is buying back P10 billion worth of Series G preferred shares over a period of two years.
In a disclosure to the stock exchange, FGen said the maximum amount of shares and buyback period would be subject to revision by the board of directors from time to time as circumstances warrant.
FGen said the repurchase program would be executed in open market through the bourse?s trading facilities.
The program will not involve active and widespread solicitation from shareholders and not adversely affect the company?s prospective and existing development projects, the company said.
FGen?s board also approved a two-year buy back program covering up to 300 million common shares.
?The company will undertake a buyback transaction only if and to the extent that the price per share is deemed undervalued or highly volatile, or in any other instance where the company believes that a buyback will result in enhancing shareholder value,? FGen said.
