Andrew Tan group launching new P2.5B stock buyback program

The Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) is launching a new stock buyback program with a budget of P2.5 billion in the next 12 months, seeking to perk up the company’s market valuation.

The new program comes after AGI’s completion of an earlier share repurchase program, worth P5 billion, which began on September 20, 2017 and lasted for two years.

“We believe in our stock’s underlying value, which is backed by our strong franchises across all our business segments, years of profitable operations and continued expansion,” said Kevin Tan, AGI chief executive officer, in a press statement.

The buyback program, he added, “should also improve our share values moving forward.”/TSB