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Nation Media Group Gets Shareholders’ Approval to Buy Back Up To 10.0% of Its Shares

Vincent Wangu by Vincent Wangu
July 3, 2023
in News
Reading Time: 2 mins read

Nation Media Group (NMG) has announced that during the annual meeting that was held on June 30, 2023, the shareholders approved the buyback of up to 10.0% of its issued and paid-up share capital.

The group plans to buy back the ordinary shares at a price of Kshs 20.0 per share by way of open market purchase through the Nairobi Securities Exchange (NSE) trading platform. The buyback will begin today, Monday, July 3, 2023, and will run for one year until July 2, 2024.

Read more: NMG Launch Pan African Kusi Idea Festival With Focus On Climate Change

The move will enable the company to acquire 19,029,516 shares, which is approximately 10.0% of the total issued and paid-up capital. The repurchased shares will be classified as Treasury stock, meaning that they will not be entitled to any dividends or voting rights.

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Read more: Centum Announces Shares Buyback As Losses Persist

At the maximum buyback price of Kshs 20 per share, the share buyback will cost NMG a maximum of Kshs 380.6 million. NMG’s cash and cash equivalents as of FY 2022 stood at Kshs 1.9 billion, indicating the buyback will be paid for using the company’s cash reserves as opposed to debt.

Read more: List Of Senior Journalists Axed From NMG

This will be the second buyback done by NMG after the first one and the first ever share buyback program in the NSE done in 2021 aimed at acquiring 10.0% of the ordinary shares, equivalent to 20,739,652 of the issued and paid-up share capital. The program began on June 28, 2021, and ended on September 24, 2021. At the closing date, the company was able to acquire 17,101,352 ordinary shares, representing an 82.5% success rate.

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