Tycoon James L. Go moved to bolster investor confidence in Universal Robina Corp., acquiring nearly P100 million worth of shares as market sentiment weakened amid escalating geopolitical tensions.

Stock exchange disclosures showed Go purchased around 1.6 million shares over two trading days at prices ranging from P61.80 to P62.65 per share. The transaction increased his holdings in the company to about 5.67 million shares.

The move comes as URC’s share price has declined by more than 10 percent since the start of the year, despite the firm raising its dividend payout by 5 percent. The company has also been actively supporting its stock through a share buyback program, having already repurchased 67 million shares worth P6.65 billion out of its P8 billion allocation.

Market observers view insider buying during periods of volatility as a signal of confidence in a company’s long-term prospects. Go, who serves as chair emeritus, has historically taken similar positions during market downturns.

URC, known for brands such as Jack ‘n Jill and C2, reported sales of P168 billion for the past year, up 4 percent, while net income slipped 4 percent to P11 billion.