Nation Media Group’s (NMG) share buy-back program has achieved 74.23 per cent of the targeted 20,739,652 ordinary shares.
The amount represents 10 per cent of the company’s issued share capital since its opening on 28th June, 2021through the Nairobi Securities Exchange at a price of Ksh25 ($0.23) per share.
Shareholders approved the transaction on June 25.
“Through this buyback, we believe shareholders will realise value and cash in at a reasonable price,” Wilfred Kiboro, the Group’s chairman said during the media house’s bell-ringing to launch its share buyback at the bourse.
“The shares we buyback could help us in the future in mergers and acquisitions or share swaps. We will be keeping them as treasury and they will not attract dividends so more value will accrue to the remaining shareholders,” Mr Kiboro added.
Speaking on the Share Buy-Back program, Bob Karina, Chairman of Faida Investment Bank said, “Given the trend that we have seen, it is likely that the offer will close before 3.00 pm on Friday 24th of September, 2021.”
“We, therefore, encourage shareholders who are planning to sell their shares at the Buy-back price of Ksh. 25 per share not to wait until the last minute. Shareholders who would like to take up this offer should contact their stockbroker or Faida Investment Bank Limited.”
