Ayala doubles share buyback program

ABS-CBN News

Posted at Oct 15 2010 07:01 PM | Updated as of Oct 16 2010 03:01 AM

MANILA, Philippines - Ayala Corp. has approved the allocation of an additional P5 billion to the company's ongoing share buyback program, increasing this to P10 billion.

In a disclosure to the Philippine Stock Exchange, the company said its executive committee approved the expansion of the program, which had an initial budget of P2.5 billion when it began in September 2007. This was increased to P5 billion in May 2010.

"As of yesterday, we have bought back 14.2 million of our common shares at an average price of P322.82 per share for a total cost of P4.65 billion," said Ayala chief finance officer Delfin Gonzalez Jr.

Ayala is engaged in real estate, telecommunications and banking.