URC eyes buyback of P2.5B in shares

Food and beverage manufacturer Universal Robina Corp. on Wednesday said it has received board approval to buy back P2.5 billion worth of the company's shares on the market. The amount represents some 7.63 percent of the company's market capitalization. "The objectives of the share buyback program are to enhance shareholder value and to manifest confidence in the corporation’s value and prospects through the repurchase of the common shares of the corporation and through the return of a portion of the Corporation’s capital to its shareholders," the firm said in a disclosure. URC closed unchanged on Wednesday at P14. - GMANews.TV