3rd November 1997
FIRST PACIFIC INITIATES PROGRAM TO REPURCHASE ITS SHARES
First Pacific Company Limited has initiated a program to buy back its own shares, through both direct purchases and options agreements, following the sharp decline in the company's stock price in recent sessions.
The action was begun shortly before the market's close on Friday, 31st October, through the acquisition of an initial block of 250,000 shares at a price of approximately HK$4.90 per share. It is anticipated that further purchases will be effected as opportunities arise.
First Pacific's Managing Director, Manuel V. Pangilinan, said: "As an investment company, First Pacific had refrained from buying back its own shares because of a preference to invest funds in its operating businesses and the belief that the market itself would recognize the extent to which the shares were significantly undervalued. We have now initiated efforts to purchase our shares because of the excellent value they clearly represent. We will continue to closely monitor the market and are prepared to make further purchases when the shares represent good value relative to other investment opportunities."
At Friday's closing market price of HK$4.875, First Pacific's shares were trading at a discount of about 40 per cent to their estimated net asset value of approximately HK$8.30 per share.
For further information, please contact:
| Robert Sherbin Group Vice President Corporate Communications First Pacific Company Limited |
Tel: (852) 2842 4380 |
Company information can also be accessed on:
| Web Site: |
http://www.firstpacco.com http://www.irasia.com/listco/hk/firstpac |
E-mail: info@firstpac.com.hk |
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