BIZ BUZZ: DigiPlus doubles down on buyback
DigiPlus Interactive Corp. is keeping its buyback war chest intact for another year.
The digital entertainment platform led by tycoon Eusebio Tanco has revived its share buyback program, extending the initiative for another 12 months effective July 9 while retaining its remaining budget of about P5.36 billion for stock purchases.
The move effectively gives DigiPlus another year to repurchase its own shares, a strategy companies typically use to support their stock price or signal confidence that the market is undervaluing the business.
The latest board approval revives the existing program rather than expanding it, allowing the company to continue buying back shares using the remaining authorization from the original fund allocation.
The extension comes as DigiPlus shares continue to trade well below their highs, although the company has remained one of the Philippine market’s closely watched gaming stocks amid its aggressive expansion overseas and continued growth in its digital gaming business.
Apart from the buyback extension, the board also appointed Wilfredo M. Pielago as the company’s new chief risk officer.
The revived share buyback program will remain effective for another 12 months from July 9.
