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MANILA - I-Remit Inc. bagged board clearance to buy back its shares from the open market.
In a disclosure to the Philippine Stock Exchange, the country's largest Filipino-owned non-bank remittance firm said it obtained board approval to purchase up to 10 million common shares of stock of the company, representing approximately 1.6 percent of its total issued and outstanding shares.
"We will undertake the buyback program mainly to improve the price of the company's stock because we think the market price is low at the moment," Fitzgerald Duba, I-Remit first vice president, said in a phone interview.
Its shares closed at P2.8 apiece on Monday, down 1.06 percent from its previous close of P2.83 each.
The buyback program will be implemented until the company fully purchases the targeted 10 million shares from the market, Duba said.
This will mark the third time that the company approved a buyback program after similar transactions in 2008 and 2011.
The company had purchased 9.56 million shares in accordance with the buyback program for 10 million shares approved by the company's board of directors last year.
I-Remit reported a consolidated net income of P44.8 million in the first half, 27 percent lower than the previous year's P61.7 million because of losses incurred from the sale of its dollar inventory.
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