Posted on August 17,
2016
LISTED Semirara Mining and Power Corp. said on Tuesday that its board approved the repurchase of 20-million shares in a 60-day buyback program.
In
a disclosure to the stock exchange, the Consunji-controlled firm said the board
passed Semirara’s buyback program which is “not to exceed twenty million
(20,000,000) shares of the Corporation for a period of sixty (60) days.”
Semirara’s buyback program intends “to enhance shareholder’s value and to provide stockholders an opportunity to liquidate their investments,” the statement added.
The buyback program will commence at the opening of trading on August 18, 2016 at the prevailing market price.
Last week, the Department of Environment and Natural Resources (DENR) issued a show-cause order to the company’s coal-fired power plant business why the company’s environmental compliance certificate should not be canceled.
This was affirmed by the company on Tuesday when it advised the stock exchange of the DENR show-cause letter dated Aug. 12 directing Semirara “to explain and/or comply within seven (7) days from receipt thereof why its ECC-CO-1601-005A should not be canceled.”
The DENR alleges that the corporation did not comply with one of the conditions provided in its ECC in relation to the Molave Coal Mine Expansion Project in Caluya, Antique.
The DENR alleged that the company did not conduct proper stockpiling and disposal of materials removed from the settling ponds, among others, according to Semirara.
In the first half, the company’s net profit rose 35% to P6.36 billion on higher coal revenues.
Semirara shares rose on Tuesday by 5.98% to P108.10. -- Janina C. Lim
Semirara’s buyback program intends “to enhance shareholder’s value and to provide stockholders an opportunity to liquidate their investments,” the statement added.
The buyback program will commence at the opening of trading on August 18, 2016 at the prevailing market price.
Last week, the Department of Environment and Natural Resources (DENR) issued a show-cause order to the company’s coal-fired power plant business why the company’s environmental compliance certificate should not be canceled.
This was affirmed by the company on Tuesday when it advised the stock exchange of the DENR show-cause letter dated Aug. 12 directing Semirara “to explain and/or comply within seven (7) days from receipt thereof why its ECC-CO-1601-005A should not be canceled.”
The DENR alleges that the corporation did not comply with one of the conditions provided in its ECC in relation to the Molave Coal Mine Expansion Project in Caluya, Antique.
The DENR alleged that the company did not conduct proper stockpiling and disposal of materials removed from the settling ponds, among others, according to Semirara.
In the first half, the company’s net profit rose 35% to P6.36 billion on higher coal revenues.
Semirara shares rose on Tuesday by 5.98% to P108.10. -- Janina C. Lim
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