Leading medical equipment supplier Medilines Distributors Inc. of businessman Virgilio “Jojo” Villar, has approved a plan to repurchase up to P100 million worth of common shares in the open market to enhance shareholder value.
Over 10 months since its listing, Medilines’ share price is still languishing below its initial public offering price of P2.30 per share. The stock jumped 13 percent Wednesday to 78 centavos following the company’s announcement of its repurchase program.
Jojo, MEDIC’s majority owner and brother of the richest Filipino Manny Villar, and the company’s sole issue manager, lead underwriter and bookrunner PNB have been criticized on social media for failing to protect shareholders from the stock’s sharp decline.
Medilines said the share buyback program reflects management’s confidence in the company’s value and prospects.
Founded in 2002, Medilines maintains a portfolio of best-in-class equipment from multinational brands such as Siemens Healthineers for diagnostic imaging, B. Braun for dialysis, and Varian for cancer therapy.