ST announces status of common share repurchase programme
27 July 2022
News
On the back of a projected doubling of earnings per share over the same period last year, STMicroelectronics has announced full details of its common share repurchase programme which was initially disclosed in an earlier press release. A share repurchase programme typically takes place when a company believes its shares are undervalued and is an efficient way of putting money back into the pockets of shareholders. The share repurchase reduces the number of existing shares, making each share worth a greater percentage of the company. The stock’s price-to-earnings ratio will decrease, making the stock more attractive to potential investors.
The repurchase programme was approved by a shareholder resolution and took place over the period from 11 to 15 July 2022. During this period 210 462 ordinary shares equal to 0,02% of its issued share capital were repurchased at the weighted average purchase price of €31,2095 per share, for an overall total price of €6 568 407.90.
Following the share buybacks, the company now holds 4 217 560 treasury shares in total, which represents approximately 0,5% of the ST’s issued share capital.
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