BESEIGED by other Asian low-cost-carriers (LCCs) that plan to penetrate the Philippine domestic market, the operator of Cebu Pacific on Tuesday said it would buy back shares from the public to “enhance” shareholder value.
In a disclosure to the Philippine Stock Exchanges, Gokongwei-controlled Cebu Air inc. (CEB) said its board approved a P2-billion buyback program involving the purchase from the public of an estimated 25.87 million of the airline’s common shares, or about 4.22 percent of its current market capitalization.
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