Super Group plans $25m share repurchase program12th January 2023 9:33 am GMT
Shares in online betting and gaming operator Super Group (SGHC) gained in after-hours trading following the announcement of a $25m share repurchase program.
The operator of the Betway and Spin online betting and gaming brands announced Wednesday (Jan. 11) that the board of directors have authorized the repurchase of up to $25 million of Super Group ordinary shares before the end of this year.
Any shares repurchased under the program will be on the open market at prevailing prices or in negotiated transactions off the market, the company said.
“Our debt-free balance sheet is strong and we actively consider using cash to drive long-term shareholder value through investment and through returning cash to shareholders,” CFO Alinda van Wyk explained.
“We believe a modest share repurchase program is an efficient potential use of cash depending on market circumstances.”
SGHC began trading on the New York Stock Exchange on January 28, 2022, at a price of $8.25 per share.
Shares in SGHC Ltd. (NYSE:SGHC) closed 2.92 per cent higher at $3.17 per share in New York Wednesday and were 2.84 per cent higher in after-hours trading following the announcement at $3.26 per share.