Intact Financial Gets TSX Green Light to Buy Back Up to 3% of Public Float
By Adriano Marchese
Intact Financial said Thursday that it has gotten approval from the Toronto Stock Exchange to launch a share repurchase program for about 3% of its issued and outstanding common shares.
The Canadian insurer plans to repurchase up to 5.3 million common shares over the course of a one year period by way of a normal course issuer bid.
Shares have been pushing higher so far in the year, climbing 9.6% in 2024 and closing on Wednesday at 223.46 Canadian dollars ($164.97).
At Wednesday's closing price, the value of the shares would be worth around C$1.2 billion.
Intact's one-year repurchase period begins on Feb. 17.
In the company's previous normal course issuer bid, which expired on Feb. 7, it repurchase 2,000 shares of a possible maximum of the approved 5.3 million shares at an average price of C$193.33 apiece.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
February 15, 2024 07:57 ET (12:57 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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