Century Properties buys back 1.215 million shares to improve value

Property developer Century Properties Group Inc. bought back 1.215 million of its own shares as part of its two-year buyback program to enhance the value of its stocks, the company said Thursday.

 

In a disclosure to the Philippine Stock Exchange, the company said it purchased its shares from the open market on Sept. 24 at P1.26350 per share.

 

"At these levels, we feel our stock is undervalued," investor relations head Kristina Garcia told GMA News Online. "This is also part of our commitment to enhancing long-term shareholder value," she said.

 

In January 2013, CPG/the property developer announced a 2-year share buyback program, which will allow the company to purchase up to P800 million worth of shares. – VS, GMA News