Axelum board approves P0.5B share buyback plan
Axelum Resources [AXLM 2.26, up 0.0%; 66% avgVol] [link] disclosed that its board approved a 6-month buyback program with the authorization to purchase up to P500 million worth of AXLM shares at market prices. The terms of the buyback program allow the board to extend the program by an additional six months, and to increase the amount available for the buyback program “from time to time” depending on the circumstances and the availability of unrestricted retained earnings. As reported by InsiderPH, the buyback would represent approximately 5.8% of AXLM’s outstanding shares. Manny V. Pangilinan (MVP) championed Metro Pacific’s P5.3 billion deal to acquire a 34.76% stake in AXLM that was completed back in December 2023, at a purchase price of P3.83/share.
