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MANILA - The local unit of Malaysian conglomerate Berjaya was cleared to buy back its shares from the market to increase shareholder value.
In a disclosure to the Philippine Stock Exchange, Berjaya Philippines Inc said it set aside P100 million from its unrestricted retained earnings to support the buyback program at a price to be determined by its president, Lim Meng Kwoig or treasurer Tan Eng Hwa.
The share repurchase program will commence "anytime after the disclosure."
"The rationale for the buyback is to enhance shareholder value for long-term investors," the company said. In December 2011, Berjaya obtained board approval to purchase up to P400 million worth of shares from the open market.
Berjaya is the new distributor of Mazda vehicles in the Philippines, expanding the Malaysian group's business footprint, which includes gaming (Philippine Gaming Management Corp), hotel (Berjaya Hotel), and food and beverage (Papa John’s Pizza).
Berjaya's earnings in the first half of its fiscal year ending April grew 27 percent to P637.29 million from the previous year's P503.07 million on the back of stronger lottery and hotel operations.
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