PRYCE Corp. said its board of directors approved on Friday a buy-back program of the company’s common shares for a worth of up to P500 million.
In a disclosure to the stock exchange, the Mindanao-focused importer and distributor of liquefied petroleum gas (LPG) said the buy-back program is for a term of 24 months starting on Nov. 20, 2018 and ending on Nov. 19, 2020.
Before the program, the capital structure of the company was at P2.098 billion authorized capital stock, all of which were common shares, and P2.0245 billion issued and outstanding. It does not hold treasury shares.
“The buy-back program shall be executed in the open market through the trading facility of the Philippine Stock Exchange,” it said. “Repurchased shares shall be booked as treasury shares.”
Pryce said the buy-back program will be implemented in an orderly manner and should not adversely affect the company’s and its subsidiaries’ prospective and existing projects.
Shares in the company were up 6.65% at P5.45 after it disclosed the program.
Aside from its LPG business, Pryce owns and operates memorial parks in Mindanao cities such as Cagayan de Oro, Iligan City, Ozamiz, Polanco near Dipolog City, Zamboanga City and Davao City.
Its scope includes smaller-sized memorial parks suited for the southern island’s secondary cities or major municipalities.
Pryce subsidiary Pryce Gases, Inc. is engaged in the importation and distribution of LPG under the “PryceGas” brand. It also produces and sells industrial gases.
Another unit. Pryce Pharmaceuticals, Inc. is a wholesaler and distributor of private branded multi-vitamins and some over-the-counter generic durgs. — Victor V. Saulon
