SM

Publicly-listed SM Prime Holdings Inc. is set to buy back P1 billion worth of its shares to boost the price of its stock amid market volatility.

"The buyback program is expected to enhance shareholder value as management believes the company's shares are currently undervalued in the market," said company executive vice-president Jeffrey Lim.

Lim said the company will repurchase the shares as it deems necessary.

"There are no specific terms and conditions on the reckoning and end date of purchase, timetable and the equivalent number of shares to be purchased," he said.

As of 10:06 a.m., SM Prime was sharply up 2.8 percent or P0.20 at P7.40.

It fell P0.20 to P7.20 on Monday.

Read the full article>>