The Latin American brewing force AmBev has bought back 200 million reais (US$70m) worth of its own stock. The company has also launched a further 90-day buy back offer of the same size.

The new offer could see AmBev repurchase up to 7% of its voting stock and 8.4% of its preferred shares in the new offer. The new program can be renewed after the 90 days.

"After investing in core activities that increase profit for shareholders, the company also remains committed in returning cash to shareholders through share buybacks and dividends," AmBev said in a statement.

Last year AmBev spent 337 million reais in share buybacks.