Publicly listed Prime Gaming Philippines Inc. (PGPI) has launched a P200-million share buyback program to boost the price of its stock, it told the local bourse on Wednesday.

The program commenced yesterday and will be implemented for a period of six months.

PGPI said it would purchase its common shares from the open market at a price to be determined by its president Lim Meng Kwong and/or treasurer Tan Eng Hwa.

PGPI shares last traded on March 20, closing at P7.50 each.

Funds for the buyback program will be taken out of the company's unrestricted retained earnings amounting to P400 million.

Last December, PGPI conducted a P300-million buyback program to boost shareholder value for long-term investors.

The investment holding firm owns 100 percent of Philippine Gaming Management Corp. (PGMC), which leases online lottery equipment and provides software support.

Earlier, PGMC secured a P100-million short-term loan from Metrobank to bankroll the upgrade of its lotto terminals, pursuant to the signed equipment lease agreement with the Philippine Charity Sweepstakes Office (PCSO), which offers a variety of lotto games.