Listed AbaCore Capital Holdings Inc., or ABA, a holding company with interests in various sectors such as tourism, real estate, financial services, and energy, is set to repurchase up to P45 million of its common stock upon the board's approval to finalize details of the company's buyback program.

The program will run from October 2023 to September 2025. To repurchase shares, ABA will spend funds that remain after these following items have been allocated to:

• Operational expenditures;
• Capital expenditures;
• 10 percent annual dividend;
• Taxes; and
• Payment of advancements from related parties

Guild Securities Inc. will serve as broker for ABA's stock repurchase program.

Strong fundamentals

"We are pursuing this program as we believe our stock has strong fundamentals. We look forward to providing value to our shareholders and instilling confidence in our company's future," Raul de Mesa, president, chairperson and CEO of ABA, said.

During its meeting, ABA's board approved the company's investment of a 15-hectare property contiguous to its current properties in Simlong, Batangas.

It also approved a Business Development Incentive Program, which aims to diversify ABA's operations and achieve regular cash flows from its investment properties.

"The Business Development Incentive Program aims to ensure ABA will continue to adapt to various evolving trends within the markets it operates in. While investing in properties will remain a core part of our operations, we acknowledge there is untapped potential coming from business ventures we could enter in the future with local and foreign partners," De Mesa added.