AbaCore Capital Holdings Inc. said Monday its board of directors approved the buyback of P45 million worth of its shares from the market to boost shareholder value.

Abacore said in a disclosure to the stock exchange the buyback program would be implemented from October 2023 to September 2025.

The company said the program would only be implemented upon availability of funds after deducting major operational and capital expenditures, taxes, annual dividend and payment of advances from related parties after the fiscal year.

“We are pursuing this program as we believe our stock has strong fundamentals. We look forward to providing value to our shareholders and instilling confidence in our company’s future,” said AbaCore chairman, president and chief executive Raul De Mesa.

Guild Securities Inc. will serve as broker for the company’s stock repurchase program.

AbaCore’s board also approved the company’s investment in a 15-hectare property contiguous to its properties in Batangas.

“The investment will result in the increase in investment properties of the corporation and a replenishment of the inventory of its assets, in line with the previously adopted principle of the Board to replace assets sold with new assets even in other areas,” the company said.

It also approved a business development Incentive program, which aims to diversify the company’s operations and achieve regular cash flows from its investment properties.

“The business development incentive program aims to ensure ABA will continue to adapt to various evolving trends within the markets it operates in. While investing in properties will remain a core part of our operations, we acknowledge there is untapped potential coming from business ventures we could enter in the future with local and foreign partners,” De Mesa said.

AbaCore is a holding company that has business interests in tourism, real estate, financial services and energy.

The post AbaCore to buy back P45 million worth of shares appeared first on Manila Standard.