DigiPlus to buy back P6-B shares
DigiPlus said the share repurchase program, approved by its board of directors, is valid over a 12-month period and can be renewed subject to approval. It will be funded through internally generated cash flows.
'The share repurchase program demonstrates our firm confidence in DigiPlus' long-term growth and solid fundamentals,' DigiPlus chairman Eusebio Tanco said in a regulatory filing.
'By strategically deploying our capital through this buyback, we are sending a clear signal that DigiPlus is committed to delivering sustainable returns for shareholders while remaining well-positioned to pursue expansion and innovation,' he added.
Aside from BingoPlus, DigiPlus also operates ArenaPlus and GameZone. Its subsidiaries include Blue Chip Gaming and Leisure Corp., First Cagayan Leisure and Resort Corp., LR Data Center Solutions Inc., AB Leisure Global Inc., LR Land Developers Inc., Bingo Bonanza (HK) Limited, Prime Investment Korea Inc., and Hotel Enterprises of the Philippines Inc.
The company last week said it is on track to launch operations in Brazil this September, after its wholly-owned subsidiary DigiPlus Brazil Interactive Ltd. passed the qualification stage for a federal license in November 2024.
'DigiPlus remains well-capitalized, balancing disciplined capital management with its investments in growth, technology, and new markets,' it said.
Shares in DigiPlus closed last Friday at P29.50, down by 23.87%. They were last trading at P33.30 apiece, up by P3.80 or 12.88%.
Just last week, Senator Sherwin Gatchalian proposed a measure imposing strict regulations for online gambling, including banning the use of e-wallets, increasing the minimum age from 18 to 21, and having a minimum bet of P10,000 and a top up of P5,000.
The Bangko Sentral ng Pilipinas (BSP) has also circulated a draft circular which seeks to require Philippine financial institutions to limit the gaming access of their users, in a bid to protect clients of digital platforms from risks associated with online gambling. —AOL, GMA Integrated News
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