Seatrium initiates $100m share buyback programme

The programme could take over a year to complete.

Seatrium launched a $100m share buyback programme to buy back 2% of its total issued shares via open market purchases.

The company said the programme could take over a year to complete, depending on the prices at which shares are repurchased.

The programme will proceed under the share purchase mandate approved by shareholders at the annual general meeting on 26 April.

“Shares repurchased will be held as treasury shares, which will, in turn, be deployed for the Group’s existing employee share plans, used to pay the share component of the directors’ fees, or cancelled against the Group’s share capital to increase shareholder returns,” Seatrium said.