PLDT board approves buy back of 2 million shares

Market heavyweight Philippine Long Distance Telephone Co. announced on Tuesday that it has received board approval to buy back up to 2 million shares, or 1.1 percent of the company's total outstanding common shares. "The buyback will continue until the number of shares earmarked for the program has been fully repurchased, or until such time as the company’s board of directors determines otherwise. The company has sufficient unrestricted retained earnings to cover the amount for the program," PLDT said in a statement. "The buyback program also manifests the company’s confidence in the inherent value of its shares especially at times when, from time to time, the market value falls below such level," it added. PLDT did not indicate at what price it would be buying the shares, but noted that it would be done through the open market "on an opportunistic basis." The company, which is controlled by Hong Kong's First Pacific Co. Ltd., is also listed on both the Philippine Stock Echange and the New York Stock Exchange. - GMANews.TV