EFG International launches share buyback programme
ZURICH, June 1, 2019
EFG International, a global private banking group offering asset management services based in Zurich, Switzerland, is set to repurchase up to eight million of its own registered shares under a share buyback programme.
The share buyback programme refers to a maximum of 8,000,000 registered shares, equivalent to a
maximum of 2.7% of the current share capital and voting rights. said a statement from Swiss company.
The repurchased shares will be used to fund restricted stock units relating to the long-term incentive plan announced in March.
The shares will be purchased in the open market between June 3 and June 30, 2020.
By repurchasing the shares, EFG prevents shareholders from experiencing a further annual dilution, as had been the case in previous years due to the issue of shares from conditional capital in connection with its employee incentive plans.
The share buyback is being executed by EFG Bank, Zurich, a wholly-owned subsidiary of EFG.
EFG currently has participation capital of CHF200,730 ($199,908) divided into 13,382 registered participation certificates with a nominal value of CHF15.
EFG’s share buyback programme started on July 27 last year and was concluded on March 12. EFG repurchased a total of 6,000,000 registered shares, equivalent to 2.07% of the share capital as of July 2018, on the Six Swiss Exchange for an amount of CHF40,572,422 through its wholly-owned subsidiary EFG Bank AG.-TradeArabia News Service
