Banco Sabadell has acquired, within its repurchase program, 102.8 million shares for 113.3 million euros, a figure that represents 55.5% of the maximum amount of the repurchase of 204 million euros, as reported by this Monday the entity to the National Securities Market Commission (CNMV).
In the eighth week of the program, the entity has repurchased 8.6 million shares for around 9.5 million euros at an average price of 1.10 euros per share. In addition to a maximum import of 204 million euros, the program is limited to a maximum number of shares of 562.6 million or a 10% share capital.
The purpose of the program, which began on June 3, is to reduce the entity’s share capital through the redemption of its own shares that are acquired. In this way, the value of the titles that will remain listed increases, so it is a different way of rewarding the shareholder.
Banco Sabadell intends to carry out the repurchase program so that the maximum price does not exceed 2.01 euros per share, a figure that corresponds to the tangible book value per share as of March 31, 2023. The repurchase must be finalized before on February 2, 2024 and, in any case, when the maximum monetary amount is reached or the maximum number of shares that constitute its object is acquired.