GraceKennedy Limited To Buy Back 2.5% Of Company Shares

GraceKennedy Limited has advised that it will be proceeding with the buy-back of up to 2.5% of the Company’s shares in issue over a period of up to one year following the expiry of 21 days from the date of notice to the Jamaica and Trinidad & Tobago stock exchanges, on which the Company is listed. The notices were issued on September 27, 2013.

The decision to proceed with the share buy-back follows confirmation from the Ministry of Finance of a tax waiver applicable to tax which would have been otherwise payable on the repurchase of shares by the Company. The repurchase of shares will be conducted on the open market through the Company’s stockbrokers in Jamaica and Trinidad & Tobago. The Company’s cash flows will be the source of funds for the repurchase.

Full release here