Emperador buys back 2.17M shares at an average price of P7.1158 per share

Liquor maker Emperador Inc. bought around 2.17 million of its shares from the public as part of the company’s buy-back program to enhance shareholder value.

“The Corporation purchased from the open market today, 28 December 2018, a total of 2,169,600 common shares at the average price of P7.1158 per share,” Emperador said in a regulatory filing submitted by authorized representative Erika Marie Tugano on Wednesday.

The transaction is in line with Emperador’s two-year buy-back program approved on May 12, 2017. 

Andrew Tan-led Emperador plans to buy-back up to P5 billion worth of shares over a 24-month period.

“Our shares are undervalued and we believe that this exercise will enhance shareholder value over time,” Emperador president Winston Co earlier said.

Since program commenced in 2017, Emperador said it has acquired a total of 257,375,300 shares for P1,845,273,621.

Emperador shares closed the morning session on Wednesday at P7.10 per share, down 0.14 percent from P7.11 on December 28, the last trading day of 2018.

Financial markets were closed on Monday and Tuesday for the New Year break. —Ted Cordero/VDS, GMA News