Alliance Global Group, Inc. (AGI), a joint venture partner in Resorts World Manila operator Travellers International Hotel Group, Inc, has announced a new share repurchase program of up to Php2.5 billion (US$48 million).
The program, which will run for 12 months, follows completion of a previous 24-month program which saw AGI buy back around 309 million shares comprising 3% of issued share capital.
“We continue to pursue a share buyback because 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 thrust,” said CEO Kevin Tan.
“The share buyback is also EPS-enhancing and should improve our share values moving forward.”
AGI, whose business segments include residential developments, lifestyle malls, hotels and office space, recently announced that it was allocating Php410 billion (US$786 million) for its capital expenditures program over five years from 2020 to 2024.
Among its key developments in that time is Westside City – a Php121 billion, 31-hectare township located in Manila’s Entertainment City precinct that will house the Westside City Resorts World integrated resort and casino project.