ABOITIZ Equity Ventures, Inc. (AEV) bought P384-million shares of the UnionBank of the Philippines on Oct. 8, the company disclosed on Tuesday.
The company said it bought 4.8 million shares of UnionBank for P80 apiece, noting that the company completed that transaction “opportunistically.”
“The acquisition of these shares is pursuant to the authority granted by AEV’s board of directors on April 26, 2021, to opportunistically acquire the company’s shares, as well as shares of Aboitiz Power Corp. and [UnionBank] when market prices dictate and using the company’s excess cash,” AEV told the exchange.
In its April 26 meeting, the company’s board of directors also gave AEV’s management authority to decide when to repurchase its own shares and shares of AboitizPower and UnionBank once “opportunities arise.”
AboitizPower and UnionBank are subsidiaries of AEV, contributing 53% and 28% of AEV’s total income as of the first semester, respectively.
Shares of AEV at the stock exchange declined by 1.68% or 80 centavos on Tuesday, closing at P46.95 apiece. — Keren Concepcion G. Valmonte
