Hardware distributor Mustek has bought back more than 2.5 million or 3% of its shares in the open market for about R11.56 million.
The group says the buyback programme began on 22 October last year after shareholders granted a general authority at the AGM on 18 October.
The share purchases took place on a day-to-day basis, as market conditions allowed, until 22 May.
"The highest and lowest prices paid by Mustek for the ordinary shares were 520c and 400c respectively," it says.
The general authority allows the group to buy back a further 10.1 million shares, or just less than 10.1% of the issued share capital of Mustek, this financial year.
The shares bought so far are to be cancelled and Mustek will apply to the JSE to reduce the number of listed shares by that number.
The group says it will continue to repurchase shares as opportunities arise.
CA Ratings recently announced that it had upgraded Mustek`s credit rating to zaBBB-, indicating that it has a stable outlook for a three-year period.
The Mustek share was trading 5c up at 450c on the JSE this morning.
Share
