Semirara Mining & Power Corp. is planning a share buyback program of up to 2 billion Philippine pesos to enhance shareholder value and allow stockholders to liquidate investments.
According to the Dec. 7 SEC filing, the buyback program is set to start Dec. 8, based on the trading price of the company's shares on the Philippine Stock Exchange. Semirara has 4,261,145,720 common shares outstanding.
The company outlined plans in July to increase output at its namesake Semirara coal mine in the Philippines to 16 million tonnes per year.
As of Dec. 7, US$1 was equivalent to 50.63 Philippine pesos.