Century Properties unveils share buyback program
MANILA, Philippines - Property developer Century Properties unveiled a share buyback program to improve shareholder value.
In a disclosure to the stock exchange, Century Properties said its board is authorized to implement a share buyback option program worth up to P800 million in the next 24 months.
"The Corporation will undertake such buyback transaction only if and to the extent that the price per share is deemed undervalued, share prices are considered highly volatile, or in any other instance where the Corporation believes that a buyback will result in enhancing shareholder value," the company said.
The share buy-back program can be implemented as early as this month.
Shares of Century Properties were down 1.7% at P1.64 in morning trade.
Century Properties is developing several projects in Metro Manila, including Century City, Azure Urban Resort Residences, Acqua Private Residences and The Residences at Commonwealth.
The P15-billion Century City, the company’s 3.4-hectare flagship development in Kalayaan Avenue, Makati, was previously part of a property owned by International School Manila for 40 years. Century City will have four high-rise residential buildings, namely Gramercy Residences, the Knightsbridge Residences, Milano Residences, and Trump Tower. Gramercy is scheduled to be completed by December.