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.