Splash hikes fund allotment for share buyback

MANILA, Philippines - A company that makes and sells personal care products has increased funds that will be used to acquire more of its shares from the market. Directors of Splash Corp. has approved a plan allotting as much as P200 million to buy back shares for the next three months, hiking the allocation to P400 million. In September, the company entered into a partnership with IDS Philippines Inc., a logistics firm. Under the agreement, IDS will carry and market specific Splash products across the country, an initiative that is expected to bring in an estimated P300 million in revenue for the listed company. An agreement with Mandalay Trading Corp. has allowed the company to sell its products to Filipinos, Hispanics, and Asians in the United States. Next year, it intends to introduce at least eight new products in Canada. In Southeast Asia, Splash has focused on distributing its exfoliant products such as Extraderm White & Smooth and Maxi Peel New Generation Exfoliant which are carried by its Malaysian distributor, Rejoice Moments Sdn. Bhd. - GMANews.TV