Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA) today provides an update on its EUR 1.5 billion share buyback program for capital reduction purposes, that was announced on January 29, 2019.
As of today, 50.3% of the program has been completed through repurchases by an intermediary to allow for purchases in the open market during both open and closed periods. The remainder of the program will be executed through one or more individual forward transactions, to be entered into in the course of 2020, with expected settlement dates in the second half of 2021.
Philips’ balance sheet and liquidity position are robust, and the size of the share buyback program - up to an amount on EUR 1.5 billion - remains unchanged. By using forward transactions, Philips aims to optimize the number of shares to be repurchased under the program, while maintaining its current liquidity position in view of the possible further impact of the COVID-19 pandemic on financial markets in 2020.
Philips will continue to provide updates on the progress of the program through press releases as appropriate, and further details will be available here.