Friday, July 1

Acerinox approves a share buyback of 4% of the company

The Acerinox board of directors has approved a share buy-back plan for the amortization of up to 4% of the Group’s share capital. The purpose of this plan is to reduce the share capital of Acerinox by redeeming its own shares at the next General Meeting, with a maximum investment of 150 million euros. The maximum number of shares to be acquired may not exceed 10,821,848 (4% of the Company’s capital).

The Board adopted this decision in view of the excellent results of Acerinox during the current year, the good prospects and the generation of cash.

In addition, the Board decided to propose to the Ordinary General Meeting of the Company a dividend of 0.50 euros per share charged to the results of 2021, thus maintaining the amount of the last years.

Bernardo Velázquez, CEO of Acerinox, considered that “the decision to invest in the company’s own shares at the current market price and with the expectations that we have it is an interesting formula to give back to the shareholder and an attractive opportunity to generate value long-term”.

Reference-www.estrategiasdeinversion.com

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