JSE-listed telecommunications specialist Huge Group plans to buy back its own shares, it said in a statement to investors on Wednesday.
The company and its subsidiaries may repurchase up to four million ordinary shares, representing 2.3% of its issued share capital.
It said the repurchase plan will not exceed R20-million and will commence on 22 January and continue until the expiry of the general authority from shareholders to do so at the next AGM.
“Huge shares purchased in terms of the repurchase programme may not be made at a price greater than 10% above the volume-weighted average trading price of Huge shares over the five trading days immediately preceding any particular repurchase,” it said.
The company’s shares rose 3% in morning trading in Johannesburg to R5.50. — (c) 2020 NewsCentral Media