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PHILIPPINE National Oil Co.-Energy Development Corp. (EDC)
said Wednesday its board of directors has approved a
buyback program of up to P4 billion worth of common
shares.
In a
disclosure to the Philippine Stock Exchange, EDC said
the common shares represent approximately 4 percent of
current market capitalization.
The
buyback program shall be carried out within a two-year
period to commence on March 26, 2008, and end on March
25, 2010.
EDC said
the program will allow the company to pursue an
executive/employee-stock ownership plan (through
options, grants, purchases, or such other equivalent
method), the details of which are yet to be determined,
and the implementation subject to required board,
shareholder and regulatory approvals.
EDC said
the buyback program also aims to create and enhance
shareholder value since in management’s options, since
current market prices do not reflect the true value of
the company’s shares.
EDC is
majority owned by the consortium of First Gen Corp., the
Netherlands-based Spalmare Holdings B.V. and Prime
Terracota Holdings Corp. |
