Fruitas shares rise 11.67% after P100 million buyback announcement

Fruitas Holdings Inc. announced a P100-million share buyback program, causing its shares to rise by 11.67% on Tuesday. The company plans to repurchase up to 163.93 million shares at P0.61 each, based on the January 31 closing price. The buyback will be funded internally and is set for an initial term of one year, with the possibility of extension. Following the buyback, the company's public float will decrease from 40.75% to 35.81%. Fruitas aims to enhance shareholder value and demonstrate confidence in its prospects through this program. The move comes amid recent thin trading in the Philippine stock market.