DigiPlus announces P6B share buyback amid Senate gaming regulation push

DigiPlus Interactive Corp., a former stock market favorite, announced a P6-billion share buyback program on Monday to bolster shareholder confidence amid proposed stricter regulations for the online gaming sector.

The company's board of directors approved the repurchase plan valid for 12 months and can be renewed with further approval, aiming to maximize long-term shareholder value and stabilize its stock price.

Chairman Eusebio Tanco stated that the move underscores DigiPlus' commitment to delivering sustainable returns while positioning itself for future expansion, including its planned launch in Brazil this September.

On Monday, DigiPlus shares rose by 14.58% following the announcement, reversing Friday's drop of 23.87 percent after Senator Sherwin Gatchalian proposed stricter regulations on online gaming.

The senator's bill aims to curb gambling among lower-income households and could impact companies like DigiPlus that operate in this sector, although analysts suggest the proposed threshold may not significantly affect high-value players.