The Aboitiz family’s energy company teeters on the brink of being removed from the Philippine Stock Exchange Index.
On September 15 and 18, Aboitiz Power and its director Danel Aboitiz, bought a combined 3.87 million shares, a move that experts believe has brought the company’s public float perilously close to the 20 percent threshold required to maintain its position within the Philippine Stock Exchange Index.
Analysts had earlier projected that a buyback of only 3.28 million shares would reduce AP’s free float below 20 percent, down from 20.05 percent as of June 30.
AP, acting under the authority of its recently approved shares buyback program sanctioned on August 29, procured a total of 2.5 million shares on September 15 and 18.
Danel Aboitiz also revealed his acquisition of 1.37 million AP shares on September 15.