LISTED mining company Nickel Asia Corporation on Tuesday said its board of directors approved the plan to buy back up to P1.5 billion worth of shares in the next two years.
“Given the current weakness of the market, now is an opportune time for the company to repurchase its own shares, which has been exceedingly undervalued,” Martin Antonio G. Zamora, president of Nickel Asia, said in a statement.
“The objectives of the buyback program are to enhance shareholder value and to manifest confidence in the company’s inherent value and long-term prospects,” he added.
The share buyback program will start on Dec. 3, 2018, and will end on Dec. 2, 2020. The total number of shares to be repurchased has not been determined yet as it would depend on the share price.
Nickel Asia reported its attributable net income rose 35% to P3.54 billion for the first nine months of 2018.
Shares in Nickel Asia closed at P2.20 per piece on Tuesday, up by 4.27%. — Reicelene Joy N. Ignacio
