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.

ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.