IT retail holding company Connection Group has bought back 4.96% of its issued shares in terms of a general authority granted by shareholders last year.
The group says the purchases were made on 18 and 20 April and cost a total of about R18 million, including costs.
In total, 191 843 shares were purchased on the two days.
Connection Group says all the shares were repurchased by a wholly owned subsidiary and will not be cancelled or delisted from the JSE.
In terms of the general authority, granted on 2 December, the group`s repurchases are limited to a maximum of 20% of the issued ordinary share capital and may not be made at a price greater than 10% above the weighted average of the market value for the five preceding business days.
The group says the repurchases have been, and will continue to be, paid from available cash resources.
Recently Connection Group reported a 50.7% increase in headline earnings to 52.44c a share for the six months to February, mainly thanks to a strong performance from Incredible Connection.
Revenue rose by 35.8% from R365.71 million to R496.48 million.
It had R72.44 million on the balance sheet on 28 February.
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