Aboitiz Power Corp. will no longer be a part of the Philippine Stock Exchange index (PSEi) effective Sept. 26, according
Aboitiz Power’s public float fell to 19.9 percent following the conduct of a buyback program this month.
“The company is aware that the purchases may reduce the public ownership level of Aboitiz Power below the minimum required to remain a component of the Philippine Stock Exchange index,” it said. Aboitiz Power said its fundamentals remain intact, and that “this program will create further shareholder value.”
The company initiated the buy-back program as an opportunity to repurchase shares “as Aboitiz Power believes that the current share price range does not reflect the intrinsic value of the company and its future business prospects.”“This action is an expression of confidence by the company in the fundamentals of the country, the energy industry and its business,” it said.
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