Metro Pacific Investments Corp. (MPI), led by bilyonaryo Manuel V. Pangilinan, has used up the entire P5 billion budget for its share buyback program in just 10 months.
As of December 15, MPI has scooped up 1.374 billion shares for P4.999 billion shares or an average buying price of P3.64 each share.
MPI was trading at P3.60 when its board approved the share buyback program on February 15.
The buyback program was supposed to “enhance and improve shareholder value” by showing the firm’s confidence in its “undervalued” shares.