(The Philippine Star) - November 2, 2019 -
12:00am
MANILA,Philippines — Dacon Corp.,
the privately held company of the Consunji family, has acquired more
shares in listed engineering and tollways conglomerate DMCI Holdings Inc.
In a disclosure to the Philippine
Stock Exchange (PSE), DMCI Holdings said Dacon – which is a significant
shareholder of the company – bought a total of three million shares in DMCI
Holdings in two separate transactions.
On Oct. 28, Dacon acquired 1.3
million shares at an average price of P8.12 per share for a total amount of
P10.4 million. The following day, DMCI Holdings acquired 1.8 million shares at
P8.16 per share for a total amount of P14.3 million.
On Oct. 30, Dacon acquired another
one million shares at an average price of P8.21 per share for a total
consideration of P8.2 million.
In all, Dacon acquired P30.6 million
worth of shares of DMCI Holdings.
Sought for a comment, a source said:
“ Instead of DMCI buying back into treasury, the family decided to buy the
shares themselves since the shares are at a five-year low and the prospects of
the company are good.”
DMCI shares have been trading at an
average price of P8.32 per share compared to a 52-week high of P13.86 per share
and 52-week low of P8.01 per share.
In the first half of the year, DMCI
Holdings reported a 22 percent drop in net income to P6.7 billion.
The earnings slowdown was due to the
weak contributions of Semirara Mining and Power Corp. (SMPC), DM Consunji Inc.
(DMCI) and DMCI Mining.
For the second quarter alone, DMCI
Holdings saw its earnings decline by 20 percent to P3.8 billion.
DMCI Holdings, however, is hopeful
it can bounce back with several construction and housing projects lined up.
Property unit DMCI Homes has started
construction of a new residential condominium project near Bonifacio Global
City (BGC) to take advantage of the upcoming government infrastructure projects
in the area.
The Allegra Garden Place is a
two-tower development soon to rise along Pasig Boulevard in Pasig.
“We have high hopes on this project
not just because of Prisma Residences’ success but also because of the
potential opportunities presented by ongoing infra projects in the area like
the BGC-Ortigas Center Link Road Project,” DMCI Homes assistant vice president
for project development Dennis Yap said.
The bridge, which is targeted for
completion by June 2020, will connect with the Lawton Avenue-Global City
Viaduct to improve inter-city travel in Pasig, Mandaluyong, Taguig and Makati.
The group’s mining arm Zambales
Diversified Metals Corp. also received the go signal from the Department of
Environment and Natural Resources to resume mine operations.
ZDMC was among the nine companies
whose operations were suspended following a mining audit conducted by DENR.
Aside from DMCI, several listed
companies such as Razon-led Bloomberry and Megaworld have been buying
back shares in the past months, propping up the value of their shares amid the
prevailing market volatility.
No comments:
Post a Comment