Coca-Cola has announced a new share buy back scheme

Coca-Cola has announced a new share buy back scheme

The Coca-Cola Co has given the green light to a new plan to buy back 500m shares, which it says "reflects the board's confidence in the company's future performance". 

The newly-authorised plan, announced yesterday (18 October), will take effect when the company's current buy-back programme concludes. This intial programme began in 2006. 

The Atlanta-headquartered group said the new scheme will not affect its previously-announced target to purchase US$2.5bn to $3bn in stock this year. 

“Our new share repurchase programme reflects the board’s continued confidence in the company’s future performance and our long-term cash flow generation,” the company said in a statement. 

Separately, the group's board of directors yesterday declared a regular quarterly dividend of $0.255  per common share, payable to shareholders on 17 December. 

Earlier this week, the Coca-Cola announced a slight rise in profits and sales for the nine months to the end of September.