HARBOR Star Shipping Services, Inc. is buying back P170 million worth of shares from the stock exchange in a bid to improve shareholder value.
In a disclosure to the stock exchange on Tuesday, the shipping company said its board of directors has approved the share buyback program that will last for three years starting Oct. 1, 2018 to Sept. 30, 2021 or until it has fully used up the budget for the scheme.
“The actual number of shares to be repurchased cannot as yet be determined as this will depend on the total buy-back price of the shares,” the company said.
Before the start of the buyback program, the company said its capital structure is composed of 2 billion in authorized capital stock, and 907,857,870 issued and outstanding.
The company said it would repurchase shares using cash and book them as treasury shares.
“The board believes that the company’s share prices are undervalued. With the company’s current financial performance and growth potentials, it is well positioned to deliver outstanding shareholder value,” the company said.
