Lopez Holdings Corporation took advantage of the stock market weakness in late August until September to increase its stake in First Philippine Holdings Corporation (FPH).
Lanie Caimol, Lopez Holdings assistant vice president for Financial Management, said FPH offered “better yield” at the prices at which its parent company purchased additional shares compared to money market placements available today.
Lopez Holdings was able to buy FPH common shares from as low as P65.95 up to P70 apiece beginning August 25. FPH common shares have traded between the low of P65.50 and the high of P109 in the 52 weeks until September 15. FPH declares at least P2 per share in cash dividends annually.
Meanwhile, Lopez, Inc., the privately-held parent company of Lopez Holdings, also bought more Lopez Holdings shares during the market lull. It began buying Lopez Holdings on August 20 at P6.75 each and continued buying as the price fell below P6 in the following days until the month of September. Share prices have ranged from P5.14 to P9.25 in the 52 weeks until September 15. Lopez Holdings has declared cash dividends of at least P0.10 per share annually since 2011.
Caimol said Lopez Holdings is also looking at increasing its interest ABS-CBN Corporation if the stock market will continue to trend lower. (Story/Photo by: Carla Paras-Sison)
