AABENRAA, Denmark - Sydbank A/S, a major Danish bank, reported progress on its share buyback program initiated earlier this year. The bank has been actively purchasing its own shares as part of a plan to reduce its share capital.
The buyback program, which began on March 4, 2024, is being conducted in accordance with the Safe Harbour rules under EU regulations. It is set to continue until January 31, 2025, with a total allocation of DKK 1.2 billion for the repurchase of shares.
In the recent week 51 transactions, Sydbank acquired an additional 79,000 shares at variable weighted average prices ranging from DKK 355.94 to DKK 382.44. This transaction amounted to a gross value of DKK 29,072,740. To date, the bank has accumulated 3,148,000 shares through the program, representing a total expenditure of DKK 1,111,066,850.
As a result of these transactions, Sydbank now holds approximately 5.76% of its own share capital. The trades were executed by Danske Bank (CSE:DANSKE) A/S on behalf of Sydbank, under the ISIN code DK 0010311471.
This strategic move is part of Sydbank's capital adjustment strategy, aiming to optimize shareholder value. The share buyback program is expected to continue as planned, with further transactions to be reported in compliance with market abuse regulations.
The details of these transactions are based on a press release statement from Sydbank A/S.
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