THE board of directors of Bank South Pacific (BSP) Ltd had resolved to undertake a buyback of up to K15 million worth of its own shares, chairman Kostas Constantinou said Monday.
“The buyback is set to open on the day following this announcement (yesterday) and will continue for a period of up to 12 months.
“The buyback programme will continue BSP’s capital management strategy to achieve a balance between returning capital, retaining sufficient flexibility to invest capital, pursuing growth options and maintaining strong credit metrics,” Constantinou said in a statement.
He said BSP intends to enter the market from time to time to purchase shares pursuant to the buyback.
“Under the buy back, shareholders are invited to sell up to a maximum of 1000 BSP shares of each registered holding.
“BSP will pay any brokerage on shares bought back.”
Port Moresby (The National)