SM Prime unveils P10 B share buyback plan

SM Prime Holdings Inc., the integrated property developer of the Sy family, is preparing to buy back shares worth as much as P10 billion.

- By RICHMOND MERCURIO

SM Prime said its board of directors approved a share buyback program ranging from P5 billion to P10 billion.

The company's management has been delegated to set the final terms and implementation of the program.

SM Prime has been trading at an average price of P26.67 per share from a 52-week high of P35.40. Its 52-week low is P25.70 per share.

Buying back of shares is usually undertaken by companies to boost its share price.