Concepcion Industrial to buy back shares for employee incentive plan

Concepcion Industrial Corp. is buying back company shares and distributing the stocks to “entitled employees.”

In a regulatory filing submitted by CIC vice president Grace Velasco, the company said its board of directors approved on Wednesday the 2018 Long Term Share Incentive Plan.

“Under the plan, a percentage of the company’s profit will be used to buy its existing shares in the stock market, which will then be given to entitled employees as an award based on pre-determined conditions,” it said.

Concepcion Industrial intends to fund the program using 1 to 2 percent of the company’s profit, based on the financial measure of profit after tax and minority interest.

“The company’s chairman, chief executive officer, and president, as the administrator, will determine the provisions, terms, and conditions of the award as well as to whom it will be granted,” it said.

The incentive plan aims to create “equity interest” in the company, increase internal employee retention of key talents, and improve the total compensation of employees.

According to the company profile, Concepcion Industrial offers solutions and after-market services across multiple international and Philippine brands such as Carrier, Toshiba, Condura, and Kelvinator. —Jon Viktor Cabuenas/VDS, GMA News