Cebu Air to buy back USD46m worth of traded shares
Cebu Air Inc’s board of directors approved the creation and implementation of a share buyback programme involving USD46.3 million (PHP2 billion), approximately 4.22% of the company’s current market capitalisation (GMA News, 01-Mar-2011). The programme hopes to stem the price decline of its shares on the Philippine Stock Exchange.
Cebu Air: “The share buyback programme will not involve any active and widespread solicitation from the stockholders and will be implemented in the open market through the trading facilities of the Philippine Stock Exchange," Company Statement. Source: GMA News, 01-Mar-2011.