Fast-food chain Ibersol approves share buyback programme
The general meeting is scheduled for 26 May. One of the points is the deliberation on the reduction of the company's share capital, with the extinction of own shares around 7.914% capital.
Ibersol announced on Friday that the company’s board of directors had approved a share buyback programme for a maximum amount of €32,696,827.50.
“This programme, to be implemented until the end of May 2024, aims to reduce Ibersol’s share capital by extinguishing a maximum of 4,359,577 Ibersol ordinary shares to be acquired under the programme,” the information sent to the Securities and Exchange Commission (CMVM) can be read.
The implementation of the programme “is subject to the condition that the General Meeting approves the proposal to reduce the company’s share capital by €3,640,423, with the extinction of 3,640,423 shares”, as can be read in the same statement.
The general meeting is scheduled for 26 May, in which one of the points is the deliberation on the reduction of the company’s share capital, with the extinction of own shares representing around 7.914% of the share capital.
The company said that the measure would serve to “release excess capital”.
The group, with an Iberian presence, owns KFC restaurants, Pans, Pizza Hut, Pasta Caffé, Taco Bell, Miit, Ribs, Kiosks, Cafeterias, Catering and other concessions in Portugal.