(Finance) – The Swiss engineering group ABB said it will launch its own on April 1, 2024 new share buyback programme previously announced for a maximum amount of 1 billion dollars. Based on the current ABB share price this represents a high of around 21.3 million shares. The maximum number of shares that can be repurchased under this new program on any given trading day is 692,486.
This new program is consistent with ABB’s targeted capital allocation principles maintain a strong investment grade rating. Since July 2020, ABB has repurchased approximately 308 million shares for capital reduction purposes for a total amount of approximately $9.4 billion.
The new share repurchase program is aimed at reducing capital and will be executed on a second trading line on the SIX Swiss Exchange. It is expected to last from April 2, 2024 to January 31, 2025, following the decision to adjust the timing of the share buyback cycle to align with the announcement of fourth quarter 2024 results and the proposed 2024 dividend.