Kahit flop! Lance Gokongwei thumbs up P5B purchase of URC shares which has tanked 36% despite P3B buyback in last 12 months

Ultra bilyonaro Lance Gokongwei is planning to ramp up his acquisition of Universal Robina Corp. (URC) shares which have lost over a third of their value even after burning P3 billion in a buyback program over the last 12 months.

Price hikes coming: Lance Gokongwei to cut URC’s costs by P1.5B a year amid surging commodity prices

The URC board chaired by Gokongwei allocated P5 billion to buy back more shares of the company from the market.

URC has already used up P2.9 billion of the P3 billion buyback budget it approved in July 2021.

Gokongwei heirs get their inheritance: Lance, Robina, Lisa collect P411M in JG Summit, URC stocks

It has bought 24.74 million URC shares at an average price of P115.

URC shares have plunged to as low as P93.25 from P147 in July 2021 when the board approved the buyback program.

Maynilad fined P9.26M over water service interruptions

West zone concessionaire Maynilad Water Services Inc. of Manuel V. Pangilinan-led Metro Pacific Investments Corp., has been fined P9.26 million by the Metropolitan Waterworks and Sewerage System (MWSS) for prolonged water service interruptions.

BRAFE GOLF set to tee off at at Forest Hills

The core group is composed of chairman JR Hernandez, Ting Yupangco, George Elazegui, Bong Africa, Roy Peña, Randy Nonato and BRAFE GOLF founder Albert MG Garcia, owner of the Megafiber brand.

BRAFE GOLF set to tee off at at Forest Hills

The core group is composed of chairman JR Hernandez, Ting Yupangco, George Elazegui, Bong Africa, Roy Peña, Randy Nonato and BRAFE GOLF founder Albert MG Garcia, owner of the Megafiber brand.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.