Nation Media Group Completes Buyback of 17.1 Mn Shares worth Ksh 20.74mn

Nation Media Group (NMG) on Wednesday said it has bought back over 17.1 Million of its ordinary shares as part of the 10% buyback of its 18,854,229 ordinary share buyback offer.

Nation Media Group (NMG) on Wednesday said it has bought back over 17.1 Million of its ordinary shares as part of the 10% buyback of its 18,854,229 ordinary share buyback offer.

The share buyback program began on 28th June 2021 and closed on September 24th 2021 at 3.00 pm. Each share was being bought at a price of KSh 25 per ordinary share.

A buyback, also known as a share repurchase, is when a company buys its own outstanding shares to reduce the number of shares available in the open market.

“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,” Wilfred Kiboro, the Group’s chairman said in June. 

The Group said all the shares acquired will be held as treasury shares.