Olam begins share buyback programme

Under its share buyback mandate, Olam may purchase up to 10% of its total number of issued shares.

In effect, Olam may purchase up to 244,230,986 shares. The company may do so at a maximum price of 105% of the average closing price of the last 5 market days at the time of acquisition. Treasury shares meanwhile are not part of the share buyback programme.

Olam said all shares purchased under the share buyback programme may be held as treasury shares or cancelled, as the company may decide from time to time.

The shares will be purchased from the normal trading counter and/or the odd lots counter depending on market conditions. Funding for the share buyback programme will be done from Olam’s existing resources.