SMC Board Approves Stock Repurchase Plan
PSE Circular for Brokers No. 1236-99 • Philippine Stock Exchange • Circulars for Brokers • May 28, 1999
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May 28, 1999 PSE CIRCULAR FOR BROKERS NO. 1236-99 May 27, 1999 SMC BOARD APPROVES STOCK REPURCHASE PLAN The Board of Directors of San Miguel Corporation during its recent regular meeting, approved Management's proposal to adopt a share repurchase program. The program's ultimate objective is to enhance shareholder value. A major expected benefit is to enable SMC to stabilize share prices. The Board approved a repurchase level equivalent to a maximum of 10% of the company's capital stock. The Board likewise authorized Management to decide on the specifies of implementation. It is noteworthy that share repurchase programs are in common use among numerous large companies.
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