Sotipapier Implements Share Buyback Program
Sotipapier is launching a share buyback program, which will involve the repurchase of 585,000 shares, representing 2.07% of its capital, over a period of 12 months starting from the extraordinary general assembly on August 21, 2024.
This initiative aims to reduce the company's capital without incurring losses, resulting in a relative effect and an increase in earnings per share.
The repurchases will be made exclusively in cash, with a maximum volume of 25% of daily transactions observed over a 30-day period preceding the purchases.
The company's social capital before reduction stands at 30.72 million TND, divided into 28,184,091 shares. After the cancellation of the repurchased shares, the social capital will be reduced to 30.08 million TND, with a new total of 27,599,091 shares.
The program will also enable the maintenance of a 10% float of the social capital, equivalent to 2.76 million shares still held by the public.
The shares acquired under this program will be cancelled within a maximum period of three months after the closure of the buyback.
