Seed Co International To Buy Back 10 Per Cent Shares
17 August 2021
Seed Co International Limited (SCIL) is seeking to purchase 10 per cent own shares by way of on-market share buyback and retain the shares for treasury purposes.
The resolution to purchase the shares is set for approval by shareholders at an annual general meeting for the group to be held on 25 August 2021. The company said in a circular:
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The proposed share buyback will be made by way of one or more on-markets Share Buy-Back Transaction, transacted on the Botswana Stock Exchange (BSE) and or the Victoria Falls Stock Exchange (VFEX) trading system, from time to time.
A buyback occurs when the issuing company pays shareholders the market value per share and re-absorbs that portion of its ownership that was previously distributed among public and private investors.
SCIL listed on the Botswana Stock Exchange in 2018 and in 2020 became the first to list on the new United States dollar-denominated Victoria Falls Stock Exchange.
The ordinary share capital of the company is 381 452 827 and the number of shares that will be acquired will not exceed 381 145 283 consisting of 10 per cent of the entire issued share capital of the company.
The circular reads that SCIL’s shares on the BSE have not changed in the last 30 days at BWP 2,70.