LUXEMBOURG: Quinsa announces share buyback
Quilmes Industrial (Quinsa) announced today (14 October) that its board of directors has authorised the purchase of the company's own shares, including its American Depositary Shares (ADS), each of which represent two Class B shares. Specifically, the board authorised the expenditure of up to US$50m to make market purchases of its own shares, as, when and if market conditions are appropriate, the company said.
Assuming that 20 Class A shares are equivalent to one ADS, and based on the market price of Quinsa's ADSs on 11 October, the new programme authorised by the board would allow Quinsa to purchase up to approximately 3% of Quinsa's outstanding shares (calculated net of treasury stock).
The actual number of shares purchased by Quinsa will depend on the prices at which the purchases are made.
Quinsa's capital stock (net of treasury stock) currently consists of 48,094,292 Class B Shares and 624,453,850 Class A Shares. Quinsa's management stated that the additional repurchase program is a result of the board's intention to acquire shares at prices that represent an attractive investment for the company and its shareholders.
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