Chemrez set to buy back shares

Chemrez Technologies Inc., the country’s leading biodiesel, resins and oleochemicals producer, is set to implement its long-delayed plan to buy back company shares.

In a disclosure to the Philippine Stock Exchange Tuesday, Chemrez said the plan dates back to 2007, when company officials decided to buy back a maximum of P500 million worth of shares.

These shares then represented approximately 9 percent of the company’s capitalization.

The share buy-back program would not involve the active and widespread solicitation from stockholders and was not expected to adversely affect the company’s prospective businesses.

“The buy-back program intends to create and enhance shareholder value,” the company said.

On Monday, Chemrez paid out P158.6 million worth of cash dividends to its shareholders.

Follow Us

Recent Stories:

• Philippines, Brazil agree on new flights
• Oil down in Asian trade
• US stocks rise ahead of Bernanke testimony
• Macau hosts Asia’s largest gaming expo
• Prudentialife pPlan holders want liquidation deferred
• McCafe rolls out new smoothie
• Accidental find shows Vitamin C kills tuberculosis
• Asia shares mixed ahead of Bernanke testimony
• Finance slams TRO on oil smuggling case
• Stocks end losing streak

Short URL: http://business.inquirer.net/?p=76849

Tags: biodiesel , buy back , Chemrez Technologies , oleochemicals , Philippines , resis , shares