This archive report was first published on 28 June 2021.
On June 28th, 2021, Nation Media Group (NMG) made history by launching Kenya's first share buyback programme at the Nairobi Securities Exchange (NSE).
A share repurchase or buyback is when a public company's management decides to buy back company shares that were previously sold to the public.
The media house aims to purchase 10% of its issued shares between June 28th, 2021, and September 24th, 2021. This decision was made after the firm's shareholders approved the buyback of up to 10% of the media group's issued and paid-up share capital at their recent shareholders' meeting held on June 25th, 2021.
The buyback price is set at KSh 25 per ordinary share, and the share repurchase will be conducted through open market purchases on the NSE.
The programme is expected to close when the firm completes buying up to 10% of its issued share capital or at 3.00 pm on September 24th, 2021.
According to a notice to shareholders, the maximum number of ordinary shares that may be acquired under the buyback plan is 20,739,652, representing approximately 10% of the firm's issued share capital.
