Maersk Launches USD 1.5 Bn Share Buyback Program
- Business & Finance
Danish A.P. Møller – Mærsk A/S has decided to initiate a share buy-back program of up to DKK 10 billion (around USD 1.5 billion).
The company said that the buyback would cover a maximum of 3.12 million shares to be acquired over a period of up to 15 months.
The initiative follows the closure of the second phase of the share buyback, which started in September 2019. The total market value of the shares acquired in the second phase amounted to DKK 3.3 bn (USD 492 million).
The third phase of the program is scheduled to run from March 4 up to July 24, 2020.
Maersk said that shares to be acquired will be limited to a total market value of DKK 3.4 bn. A maximum of 208,168 A shares and 815,739 B shares can be acquired in this stage of the program.
“The purpose of the program is to adjust the capital structure of the company and to meet obligations under long-term incentive programs,” Maersk noted.
At the moment, the company holds 165.363 A shares and 712.357 B shares, equal to 4.22% of the share capital.