Following the approval of its shareholders for the share repurchase exercise, Centum Investment Company Plc started its share buyback offer. The company that opened is anticipated to extend its offer to buy back 66.5 million shares over an 18-month term, ending on August 8 of the following year.
The business has set the highest share purchase price at Sh9.03 and the minimum at 50 cents. Centum’s management, which has set aside Sh600.8 million to finance the repurchase, is counting on the program to stabilize the company’s share price and market valuation.
The number of Centum’s floating shares is anticipated to drop to 598.9 million after the conclusion of the buyback program. The Centum board has retained the ability to cancel the buyback under certain circumstances, such as when the program is no longer deemed to be in the best interest of the company, changes in economic and market conditions, and the incidence of a material change in the firm’s financial position.
